51 Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,740,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 8 00:30:15 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 2021 $405,000 $1,040,000 945,000 0 475,000 1,265,000 375,000 1,365,000 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. Amount of gross profit recognized in 2020 Amount of gross profit recognized in 2021