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 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 $414,000 $1,010,000 966,000 0 460,000 1,250,000 360,000 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)