Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000. 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 $ 447,000 $1,110,000 1,043,000 405,000 1,405,000 305,000 1,505,000 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.)