Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000. 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 $ 447,000 $1,110,000 1,043,000 405,000 1,405,000 305,000 1,505,000 Assume that Beavis recognizes revenue upon completion of the project. 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 View journal entry worksheet No General Journal Credit Date 2020 Debit 447,000 Construction in progress Cash 447,000 2020 405,000 Accounts receivable Billings on construction contract 405,000 2020 Cash 305,000 Answer is complete but not entirely correct. No General Journal Credit Date 2020 Debit 447,000 Construction in progress Cash 447,000 2020 405,000 Accounts receivable Billings on construction contract 405,000 3 2020 305,000 Cash Accounts receivable 305,000 4 2020 Construction in progress Cost of construction Revenue from long-term contracts 447,000 96,000 0 0 543,000 2021 Construction in progress Cost of construction 0 1,110,000 1,110,000 2021 Accounts receivable Billings on construction contract 1,405,000 0 0 1,405,000 2021 Cash Accounts receivable 1,505,000 1 1,505,000 2021 Construction in progress Cost of construction Revenue from long-term contracts 1,110,000 X 157,000 X 1,267,000 X 2021 Billings on construction contract Construction in progress 1,810,000 1,810,000