Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,870,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 2021 $ 429,000 $1,170,000 1,001,000 0 435,000 1,435,000 335,000 1,535,000 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.) View transaction list Journal entry worksheet 2 1 9 Record the entry for costs incurred during the year 2020. Note: Enter debits before credits Dato General Journal Dobit Credit 2020 ect "No journal entry required the first account field.) View transaction list 1 Record the entry for costs incurred during the year 2020. 2 Record the entry for billings during the year 2020. 3 Record the entry for cash collections during the year 2020. 4 Record the entry for revenue from long-term contracts. 5 Record the entry for costs incurred during the year 2021. 6 Record the entry for billings during the year 2021. 7 Record the entry for cash collections during the year 2021. Note : = journal entry has been entered