Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,860,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below:

	2023			2024
Costs incurred during the year	$	432,000		$	1,160,000
Estimated costs to complete		1,008,000			0
Billings during the year		430,000			1,430,000
Cash collections during the year		330,000			1,530,000

Assume that Beavis recognizes revenue upon completion of the project. 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.)