04: (7marks) Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800.000. The project was begun in 2012 and completed in 2013. Cost and other data are presented below 2012 201 Costs incurred during the year 450.000 $1.100,000 Estimated costs to complete Billings during the year Cash collections during the year 1,050,000 400,000 1,400,000 300,000 1,500,000 Assume that Beavis uses the percentage-of-completion method for revenue recognition. Required: 1. Compute the amount of gross profit recognized during 2012 and 2013, 2. Prepare all journal entries related to the construction project in 2012 and 2013. 3. Prepare Statement of Financial Position end of 2012 and 2013(if any)