Required information Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: 2015 2016 Costs incurred during the $ $1,000,000 year 486,500 Estimated costs to 903,500 0 complete Billings during the year 455,000 1,300,000 Cash collections during the 355,000 1,400,000 year Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2015 and 2016. Amount of gross profit recognized in 2015 Amount of gross profit recognized in 2016 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 Journal entry worksheet Record the entry for costs incurred during the year 2015. Note: Enter debits before credits. Date General Journal Debit Credit 2015 Record entry Clear entry View general journal Required information Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2015 2016 $ $1,000,000 486,500 903,500 0 455,000 1,300,000 355,000 1,400,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit recognized during 2015 and 2016. 2015 2016