! Required information Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,750,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: 2015 2016 Costs incurred during the $ $1,050,000 year 469,000 Estimated costs to complete 871,000 0 Billings during the year 480,000 1,325,000 Cash collections during the 380,000 1,425,000 year 6 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.) View transaction list x X View transaction list x 1 Record the entry for costs incurred during the year 2015. > 2 Record the entry for billings during the year 2015. 7 3 Record the entry for cash collections during the year 2015. 4 Record the entry for revenue from long-term contracts. Credit 5 Record the entry for costs incurred during the year 2016. 6 Record the entry for billings during the year 2016. 7 Record the entry for cash collections during the year 2016. Note : = journal entry has been entered RECUTU viediemy View general journal