Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,820,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below:

2020. 2021

Costs incurred during the year. $518,000 $1,120,000

Estimated costs to complete 962,000 0

Billings during the year 410,000 1,410,000

Cash collections during the year 310,000 1,510,000

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.)