Craft Construction Craft Construction entered into a contract to construct a generator station for a utility customer. The project was started in 2019 and completed in 2020. Cost and other information is presented below. Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 1) Refer to Craft Construction. Assume Craft uses the completed-contract method for revenue recognition. Compute the amount of gross profit for 2019 and 2020. 2) Refer to Craft Construction. Assume that Craft uses the completed-contract method for revenue recognition. Make the appropriate journal entries for 2019 and 2020 for Craft Company. 2020 2019 $225,000 $550,000 450,000 0- 200,000 700,000 150,000 750,000