Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below:

	2020			2021
Costs incurred during the year	$	486,500		$	1,000,000
Estimated costs to complete		903,500			0
Billings during the year		455,000			1,245,000
Cash collections during the year		355,000			1,345,000

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.