1. Record the entry for costs incurred during the year 2023.

2. Record the entry for billings during the year 2023.

3. Record the entry for cash collections during the year 2023.

4. Record the entry for revenue from long-term contracts.

5. Record the entry for costs incurred during the year 2024.

6. Record the entry for billings during the year 2024.

7. Record the entry for cash collections during the year 2024.

8. Record the entry for revenue from long-term contracts.

9. Record the entry to close the construction accounts.

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,860,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2023 2024 $ 432,000 $1,160,000 1,008,000 0 430,000 1,430,000 330,000 1,530,000 Assume that Beavis recognizes revenue on this contract over time according to 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, select "No journal entry required" in the first account field.)