Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1720,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below. 2020 2021 Costs incurred during the year $411,000 $1,020,000 Estimated costs to complete 959,000 0 Billings during the year 465,000 1,255,000 Cash collections during the year 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 recognized in 2021