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

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below:
2012 2013
  Costs incurred during the year $ 450,000 $1,100,000   
  Estimated costs to complete 1,050,000 0   
  Billings during the year 400,000 1,400,000   
  Cash collections during the year 300,000 1,500,000   

Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.
Required:
Perpare statment of financial postion end of 2012 and 2013 (if any)
Business   Accounting   
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Please consider all the amount in $ in the given solution.

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