Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,730,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 476,000 $ 1,030,000 Estimated costs to complete 884,000 0 Billings during the year 470,000 1,260,000 Cash collections during the year 370,000 1,360,000 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.