2) 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: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $399,000 931.000 485.000 385,000 2021 $1,060,000 0 1,275,000 1,375,000 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.)