Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1.780,000. 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 $458,500 $1,980,000 851,500 @ 495,000 1,285,000 395,000 1,385,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit recognized during 2020 and 2021. (Leave no cells blank - be certain to enter "0" wherever required.) Gross Profit $ 2020 2021 7