Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810.000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete 2023 2024 $ 447,000 $1,110,000 1,043,000 0 405,000 1,405,000 305,000 1,505,000 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 View journal entry worksheet No Date General Journal 1 2023 Construction in progress Debit Credit 447,000 Cash, materials, etc 447.000 2 2023 Accounts receivable. Billings on construction contract 405,000 405,000 3 2023 Cash 305,000 Accounts receivable 305,000 4 2023 Construction in progress Cost of construction Revenue from long-term contracts 6 2024 Accounts receivable 1,405,000 Billings on construction contract 1,405,000