Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,710,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below:

	2015	2016
Costs incurred during the year	$ 414,000	$1,010,000
Estimated costs to complete	966,000	0
Billings during the year	460,000	1,305,000
Cash collections during the year	360,000	1,405,000

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.)

• 1) Record the entry for costs incurred during the year 2015.
• 2) Record the entry for billings during the year 2015.
• 3) Record the entry for cash collection during the year 2015.
• 4) Record the entry for revenue from long-term contracts.
• 5) Record the entry for costs incurred during the year 2016
• 6) Record the entry for cash collection during the year 2016.
• 7) Record the entry for revenue from long-term contracts.
• 8) Record the entry for billings on construction contract.