Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,710,000. 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 2021 $414,000 $1,010,000 966,000 460,000 1,250,000 360,000 1,350,000 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