Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,890,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 423,000 $ 1,190,000 Estimated costs to complete 987,000 0 Billings during the year 445,000 1,445,000 Cash collections during the year 345,000 1,545,000 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.)v