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 2017 and completed in 2018. Cost and other data are presented below: 2017 2018 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $486,500 $1,000,000 903,500 455,000 1,245,00e 355,000 1,400,ee Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2017 and 2018. Amount of gross profit recognized in 2017 Amount of gross profit recognized in 2018