Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1.750.000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $ 469,000 $ 1.050,000 Estimated costs to complete 871,000 0 Billings during the year 480,000 1,270,000 Cash collections during the year 380,000 1.370,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: 1) 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 2) Prepare all journal entries to record costs, billings, collections, and profit recognition for year 2020