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 2019 2020 $225,000 $550,000 450,000 -0- Billings during the year 200,000 700,000 Cash collections during the year 150,000 750,000 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.