Problem 5 Beavy 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 450,000 1,100,000 050,000 2016 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 400,0001,400,000 300,0001,500,000 Required Assume that Beavy recognizes revenue on this contract over time according to percentage of completion a. Compute the amount of gross profit recognized during 2015 and 2016. b. Prepare all journal entries to record costs, billings, collections, and profit recognition. Assume that Beavy recognizes revenue upon completion of the project. C. Compute the amount of gross profit recognized during 2015 and 2016. d. Prepare all journal entries to record costs, billings, collections, and profit recognition