AE Construction Company was the low bidder on a construction project to build an earthen dam for $1,780,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: Costs incurred during the yearn Estimated costs to complete Billings during the years Cash collections during the years 2023 2024 $458,500 $1,080,000 851,500 0 a 495,000 1,285,000 "395,000 1,385,000 Assume that AE 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.) 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 2023.5 4 Record the entry for revenue from long-term contracts. 5 Record the entry for costs incurred during the year 2024.1 1 6 Record the entry for billings during the year 2024.1 7Record the entry for cash collections during the year 2024,1 .- 8. Record the entry for revenue from long-term contracts