Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,870,000. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 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 collections 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 collections during the year 2024. Note : O= journal entry has been entered 3 Record the entry for cash collections 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 collections during the year 2024. 8 Record the entry for revenue from long-term contracts. 9 Record the entry to close the construction accounts. Note : = journal entry has been entered