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Beavis Construction Company was the low bidder on a construction project to build an earthen...

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Accounting

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,860,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below:

2023 2024
Costs incurred during the year $ 432,000 $ 1,160,000
Estimated costs to complete 1,008,000 0
Billings during the year 430,000 1,430,000
Cash collections during the year 330,000 1,530,000

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.)

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