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 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 $476,000 $1,830,000 884,000 470,000 1,260,000 370,000 1,360,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: Compute the amount of gross profit recognized during 2020 and 2021. Amount of gross profit recognized in 2020 Amount of gross profit recognized in 2021 $ 3.236,000