Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1.760,000. 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 $ 399,000 $1,060,000 931,000 0 485,000 1275,000 385,000 1,375,000 Assume that Boavis 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 for 2020 only