23. 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 2020 and completed in 2021. Cost and other data are presented below: 2021 $1,100,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $ 450,000 1,050,000 400,000 300,000 1,400,000 1,500,000 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. (8 pts) 24. McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2020 and completed in 2021. Cost and other data are presented below: 2021 $1,300,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $1,500,000 1,200,000 1,200,000 1,000,000 1,300,000 1,500,000 Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2020 and 2021. (8 pts) Page