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 2023 and completed in 2024. 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 Amount of gross profit recognized in 2023 Amount of gross profit recognized in 2024 KUANTA P Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2023 and 2024. M 12.1 N E VAANA 2023 $ 476,000 884,000 470,000 370,000 ***** 2024 $ 1,030,000 0 1,260,000 1,360,000