Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,760,000. The project was begun in 2020 and completed In 2021. Cost and other data are presented below: 2020 $399,000 $1,060,000 931,000 485,000 1,275,000 385,000 1,375,000 2021 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Requlred: 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 fleld.) 1 Record the entry for costs incurred during the year 2015. Record the entry for billings during the year 2015. Record the entry for cash collections during the year 2015. 4 Record the entry for revenue from long-term contracts. Record the entry for costs incurred during the year 2016. Record the entry for billings during the year 2016. 7 Record the entry for cash collections during the year 2016.