Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,320,000. The project was 1 O begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $518,000 $1,120,000 Estimated costs to complete 962 , 000 0 5 Billings during the year 410,000 1,410,000 Cash collections during the year 310 , 000 1, 510, 000 points Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross prot recognized during 2020 and 2021. Amount of gross prot recognized in 2020 Amount of gross prot recognized in 2021