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: Costs incurred during the year Estinated costs to complete 2023 2024 $ 450,000 $1,100,000 1,050,000 G 400,000 1,400,000 300,000 1,500,000 Billings during the year Cash collections during the year 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the entry for costs incurred during the year 2020. Note: Enter detits before credits Date General Journali Debit Credit