Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,890,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below:

	2015	2016
Costs incurred during the year	$ 423,000	$1,190,000
Estimated costs to complete	987,000	0
Billings during the year	445,000	1,445,000
Cash collections during the year	345,000	1,545,000

Required information

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.)