Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,900,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below:

	2015	2016
Costs incurred during the year	$ 420,000	$1,200,000
Estimated costs to complete	980,000	0
Billings during the year	450,000	1,450,000
Cash collections during the year	350,000	1,550,000
Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit recognized during 2015 and 2016. 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.)