Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $$1,720,000.$ The project was begun in $2023$ and completed in $2024.$ Cost and other data are presented below:

$20232024$

Costs incurred during the year $ $411,000$ $ $1,020,000$

Estimated costs to complete $959,0000$

Billings during the year $465,0001,255,000$

Cash collections during the year $365,0001,355,000$

Assume that Beavis recognizes revenue upon completion of the project.

Required:

Prepare all journal entries to record costs, billings, collections, and profit recognition.

$1.$ 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 collection during the year $2023.$

$4.$ Record the entry for revenue from long$-$term contracts.

$5.$ Record the entry for costs incurred during the year $2024.$

$6.$ Record the entry for billings during the year $2024.$

$7.$ Record the entry for cash collection during the year $2024.$

$8.$ Record the entry for revenue from long$-$term contracts.

$9.$ Record the entry to close the construction accounts.