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:

	2020			2021
Costs incurred during the year	$	447,000		$	1,110,000
Estimated costs to complete		1,043,000			0
Billings during the year		405,000			1,405,000
Cash collections during the year		305,000			1,505,000

Assume that Beavis recognizes revenue upon completion of the project. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition.