Beavis Construction Company was the low bidder on a construction project to bulld an earthen dam for $1,800,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below. Costs incurred during the year inted boate to completa Billinge during the year Calcollection during the year 450,000 01,100,000 1,050,000 400,000 1,400,000 300.000 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 2020 and 2021 Amount of gross profit recognized in 2020 Amount of gross profit recognized in 2021