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 2015 and completed in 2016. Cost and other data are presented below:

	2015	2016
Costs incurred during the year	$ 450,000	$1,100,000
Estimated costs to complete	1,050,000	0
Billings during the year	400,000	1,400,000
Cash collections during the year	300,000	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 2015 and 2016.