Question 53 /5 Use this information to answer the following questions: Beavis Construction Company was the low bidder on a construction project to build an earthen dom for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 2012 2018 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 Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit recognized during 2017 and 2018, Type your answer Question 54 -75 Use this information to answer the following questions: Beavis Construction Company was the low bidder on a construction project to build an carthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 2012 2018 Costs incurred during the year $ 450,000 $1,100,000 Estimated costs to complete 1.050,000 Billings during the year 400,000 1,400,000 Cash collections during the year 300,000 1.500.000 0 Assume that Beavis recognizes revenue upon completion of the project Required: Prepare all joumal entries to record costs, billings, collections, and profit recognition Type your