Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000 The project was begun in 2012 and completed in 2013. Cost and other data are presented below 2012 Costs incurred during the year 450,000 S1.100,000 Estimated costs to complete Billings during the year Cash collections during the year Assume that Beavis uses the pencentage-of-completion method for revenue recognition 1050,000 00,000 1.400,000 00,000 500,000 Required: I.Compute the amount of gross profit recognized during 2012 and 2 all journal entries related to the construction project in 2012 and 2013. Statement of Financial Position end of 2012 and 2013(if any)