Record the entry for costs incurred during the year 2017.

Record the entry for billings during the year 2017.

Record the entry for cash collection 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 cash collection during the year 2018.

Record the entry for cash collection during the year 2018.

Record the entry for billings on construction contract.

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 $1,900,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below 2017 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $420,000 $1,200,000 980,000 450,000 1,450,000 350,0 1,550,000 Assume that Beavis recognizes revenue upon completion of the project. 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.)