Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $$1,800,000.$ The project was

begun in $2023$ and completed in $2024.$ Cost and other data are presented below:

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.$)$