Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1.720,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below. Corte incurred during the year Estimated costs to complete tillinge during the year Cash collection during the year 3020 2021 $411,000 $1,020,000 959.000 265,000 1,255,000 365.000 1,355,000 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 recognised in 2021 PL 12 Not > god 20 VO # 3 $ 4 % 5 & 7 2 6 8 9 0 On July 15, 2021, Ortiz & Co. signed a contract to provide Everfresh Bakery with an ingredient weighing system for a price of $86.400. The system included finely tuned scales that it into EverFresh's automated assembly line, Ortiz's proprietary software modified to allow the weighing system to function in EverFresh's automated system, and a one-year contract to calibrate the equipment and software on an as needed basis (Ortiz competes with other vendors who offer ongoing calibration contracts for Ortiz's systems.) Ortie was to provide these goods or services separately. It would change $57,000 for the scales, $10,000 for the software, and $33,000 for the calibration contract. Ortiz delivered and installed the equipment and software on August 1, 2021, and the calibration service commenced on that date. Assume that the scales, software and calibration service are all separate performance obligations. How much revenue wil Ortiz recognize in 2021 for this contract? Multiple Choice 55788 569,760 50 S6400