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:

	2020	2021
Costs incurred during the year	$399,000	$1,060,000
Estimated costs to complete	931,000	0
Billings during the year	485,000	1,275,000
Cash collections during the year	385,000	1,375,000

Assume that Beavis recognizes revenue on this contract over time according to the 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.)