Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,730,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 $ 476,000 $1,030,000 884,000 0 470,000 1,260,000 370,000 1,415,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2017 and 2018. | $ 129,500 Amount of gross profit recognized in 2017 Amount of gross profit recognized in 2018