QUESTION 52 5 poi Use this information to answer the following questions: 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 2017 and completed in 2018. Cost and other data are presented below: 2018 $1,100,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 $ 450,000 1,050,000 400,000 300,000 1,400,000 1,500,000 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. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TT T Arial A3 (12pt) ATE - ENS- O's Path:p Words:0