Hardhat Contractors received a contract to construct a bridge for $4,500,000. Construction was begun in 2014 and completed in 2015. Cost and other data are presented below:

	2014	2015
Costs incurred during the year	1,500,000	2,700,000
Estimated costs to complete	2,500,000	-
Billings during the year	1,900,000	2,500,000
Cash collections during that year	1,700,000	2,600,000

Assume that Hardhat Contractors uses the percentage-of-completion method for revenue recognition. Compute the amount of gross profit recognized during 2014 and 2015.

	2014	2015
Contract price
Actual costs to date
Estimated costs to complete
Total estimated costs
Gross profit
Now compute the percent completed:	2014	2015
Costs to date/total estimated costs=
Gross profit
Previously recognized
Gross profit year