Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2020 and completed in 2021. 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 2020 2021 $486,500 $1,000,000 903,500 0 455,000 1,245,000 155,000 1,345,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit recognized during 2020 and 2021. (Leave no cells blank- be certain to enter "O" wherever required.) 2020 2021 Gross Profit