Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1780,000. 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 $458,500 $1,080,000 851,500 495.000 1.285.000 395,000 1,385,000 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 2 3 4 5 6 7 8 9 Record the entry for costs incurred during the year 2020. Note: Enter debits before credits Date General Journal Debit Credit 2020 View transaction list 1 Record the entry for costs incurred during the year 2020. 2 Record the entry for billings during the year 2020. 3 Record the entry for cash collections during the year 2020. 4 Record the entry for revenue from long-term contracts. 5 Record the entry for costs incurred during the year 2021. 6 Record the entry for billings during the year 2021. 1 Record the entry for cash collections during the year 2021. Note: journal entry has been entered Record entry Clear entry Vie 8 Record the entry for revenue from long-term contracts. 9 Record the entry to close the construction accounts. Note : = journal entry has been entered Record entry Clear entry