ps%253A%252F%252Ftatusa blackboard.com 252Fwebapp25 ter 1, 6 & 7 Saved Help Save This question will be sent to your instructor for grading. Use this information to answer the following questions (30 points): Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $2,000,000. The project was begun in 2 completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $ 450,000 $1,100,000 Estimated costs to complete 1,050,000 0 Billings during the year 500,000 1,500,000 Cash collections during the year 400,000 1,600,000 1. Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit recognized during 2020 and 2021. (5 points) 2.1) Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: Compute the amount of gross profit recognized during 2020 and 2021. (10 points) 2.2) 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 for 2021. (15 points) Feesu Tokarnation 26 of 28 Next >