Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,880,000. 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 $426,000 $1,180,000 994,000 0 440,000 1,440,000 340,000 1,540,000 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 Journal entry worksheet 2 3 4 6 8 9 > Record the entry for revenue from long-term contracts. Note: Enter debits before credits. Date General Journal Debit Credit 2020 Record entry Clear entry View general journal