Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $486,500 $1,000,000 903,500 8 455,000 1,245,000 355,000 1,345,000 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.) View transaction list View journal entry worksheet No Date. General Journal 1 2023 Construction in progress Cash, materials, etc. 2 2023 Accounts receivable Billings on construction contract Debit Credit 486,500 486,500 455,000 455.000 3 2023 Cash Accounts receivable 355,000 355,000 4 2023 Construction in progress Cost of construction 486,500 Revenue from long-term contracts 6 2024 Accounts receivable 1,245,000 Billings on construction contract 1,245,000