Required information Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,880,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: 2015 2016 Costs incurred during the $ $1,180,000 year 426,000 Estimated costs to complete 994,000 0 Billings during the year 440,000 1,440,000 Cash collections during the 340,000 1,540,000 year Assume that Beavis recognizes revenue on this contract over time according to percentage of completion 1 Record the entry for costs incurred during the year 2015. Record the entry for billings during the year 2015. Record the entry for cash collections during the year 2015. 4 Record the entry for revenue from long-term contracts. 5 Record the entry for costs incurred during the year 2016. 6 Record the entry for billingsuring the year 2016. 7 Record the entry for cash collections during the year 2016