Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,900,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below:

	2020			2021
Costs incurred during the year	$	420,000		$	1,200,000
Estimated costs to complete		980,000			0
Billings during the year		450,000			1,450,000
Cash collections during the year		350,000			1,550,000

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.)