BAA Contractors received a contract to construct a mental health facility for $3,500,000. Construction began in 2020 and was completed in 2021. Costs and other data are presented below: 2020 2021 Cost incurred during the year 1,500,000 1,300,000 Estimated costs to complete. 1,200,000 Billings during the year 1.?00,000 1.300.000 Cash Collections during the year 1.000.000 2,500,000 Assume that BAA Contractors uses the percentage-ofcompletion method for revenue recognition 1. Compute the amount of gross prot recognized during 2020 and 2021. 2. Prepare alljournal entries to record costs, billings, collections, and prot recognition for 2020 and 2021. Round your answers to the nearest whole dollar