Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,770,000 project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2021 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $396,000 $1,070,000 924,000 490,000 1,280,000 390,000 1,380,000 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 Record the entry for costs incurred during the year 2020. Journal entry worksheet Record the entry for billings during the year 2020. Note: Enter debits before credits. Date General Journal Debit Credit 2020 Journal entry worksheet Record the entry for cash collections during the year 2020. Note: Enter debits before credits. Date General Journal Debit Credit 2020 Journal entry worksheet