Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,850,000. 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 $ 435,000 $1,150,000 1,015,000 0 425,000 1,425,000 325,000 1,525,000 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. Note: Enter debits before credits