Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,760,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: 2016 $1,060,000 2015 $ 399,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 931,000 485,000 1,330,000 385,000 1,430,000 0