Current Attempt in Progress On April 1, 2020, Waterway Inc. entered into a cost plus fixed fee contract to construct an electric generator for Altom Corporation. At the contract date, Waterway estimated that it would take 2 years to complete the project at a cost of $2,010,000. The fixed fee stipulated in the contract is $480,000. Waterway appropriately accounts for this contract under the percentage-of-completion method. During 2020, Waterway incurred costs of $864,300 related to the project. The estimated cost at December 31, 2020, to complete the contract is $1,145,700. Altom was billed $605,000 under the contract. Prepare a schedule to compute the amount of gross profit to be recognized by Waterway under the contract for the year ended December 31, 2020. (If an amount reduces the account balance then enter with negative sign, eg.-45 or parentheses e.g. (45).) WATERWAYING