7 Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,750,000. 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 2021 $469,000 $1,050,000 871,000 480,000 1,270,000 380,000 1,370,000 12:37 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.) View transaction list Journal entry worksheet Record the entry for costs incurred during the year 2020. 1 2. 3 4 5 6 7 8 9 Record the entry for costs incurred during the year 2020. Note: Enter debits before credits. Date General Journal Debit Credit 2020 Journal entry worksheet 1 N 3 4 5 6 7 8 Record the entry for billings during the year 2020. Note: Enter debits before credits. Date General Journal Debit 2020 View transaction list Journal entry worksheet Record the entry to close the construction accounts. Note: Enter debits before credits. Date General Journal Debit Credit 2021