1. Record the enrty for costs incurred during the year 2017

2.record the billing entry during the year 2017

3. Record the entry for cash collections in the year 2017

4. Record the entry for revenue from long term contracts

5. Record costs incurred in 2018

6. record the entry for billings in 2018

7.x Record the entry for cash collections in the year 2018

8. Record the entry for revenue from long term contracts in 2018

9. Record the entry for billings on construction contracts

Required information The following information applies to the questions displayed below. Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,730,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 2017 2018 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $476,000 $1,030,000 884,000 470,000 1,260,000 370,000 1,415,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2017 and 2018. Amount of gross profit recognized in 2017 Amount of gross profit recognized in 2018