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Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,760,000. The project was begun

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,760,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $399,000 $1,060,000 Estimated costs to complete 931,000 0 Billings during the year 485,000 1,275,000 Cash collections during the year 385,000 1,375,000 Assume that Beavis recognizes revenue on this contract over time according to the percentage of completion. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. (If no entry is required for a transaction/event, type “No journal entry required” in the first account field.)
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