O $111,000 QUESTION 36 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 2015 and completed in 2016. Cost and other data are presented below: 2015 2016 Costs incurred during the year $ 450,000 $1,100,000 Estimated costs to complete 1,050,000 0 Billings during the year 400,000 1,400,000 Cash collections during the year 300,000 1,500.000 Requirements: a. Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Compute the amount of gross profit recognized during 2015 and 2016 b. Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries to record costs, billings, collections, and profit recognition d Assume that Beavis recognizes revenue upon completion of the project Compute the amount of gross profit recognized during 2015 and 2016 d Assume that Beavis recognizes revenue upon completion of the project Prepare all journal entries to record costs, billings, collections and profit recognition For the toolbar press ALT+F10 (PC) or ALT+FN+F10 (Mac). TITT Arial V3 (12pt) . B Click Save and submit to save and strat click Se Allansierische Save A