2. (15 points) Beavis Construction Company was the low bidder on a construction projedt to build an earthen dam for $1,800,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: 2015 2016 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $450,000$%1,100,000 1,050,000 00,0001,400,000 300,000 1,500,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion