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 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $ 414,000 $ 1,010,000 Estimated costs to complete 966,000 0 Billings during the year 460,000 1,250,000 Cash collections during the year 360,000 1,350,000 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.)?