Required information [The following information applies to the questions displayed below. Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,850,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below 2017 2018 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year S 435, 000 $1,150, 000 1,015, 006 425,0001,425, 000 325, 000 1,525,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View transaction list 1 Record the entry for costs incurred during the year 2017. / 2 Record the entry for billings during the year 2017. 3 Record the entry for cash collections during the year 2017 Record the entry for revenue from long-term contracts. Record the entry for costs incurred during the year 2018. Record the entry for billings during the year 2016. Record the entry for cash collections during the year 4 Credit 5 6 7 2018 Note:journal entry has been entered