Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $3,600,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2021 $2,200,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $ 900,000 2,100,000 1,600,000 600,000 2,800,000 3,000,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries to record costs, billings, collections, and profit recognition