Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2023 and completed in 2024. 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 2023 2024 $486,500 $1,000,000 903,500 0 455,000 1,245,000 355,000 1,345,000 48 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 OX: Record the entry for costs incurred during the year 2023. 2 Record the entry for billings during the year 2023. 3 Record the entry for cash collections during the year 2023. 4 Record the entry for revenue from long-term contracts. Credit 5 Record the entry for costs incurred during the year 2024. 6 Record the entry for billings during the year 2024. 7 Record the entry for cash collections during the year 2024. Note : = journal entry has been entered Record entry Clear entry View general journal