Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,720,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: 2015 2016 Costs incurred during the year $ 411,000 $1,020,000 Estimated costs to complete 959,000 0 Billings during the year 465,000 1,310,000 Cash collections during the year 365,000 1,410,000 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.)