i need help caculating gross profit 2020 and 2021 and prepare the journals using overtime percentage completion! please add how you got all caculations!

1. Revenue recognition of Long-term contract Use this information to answer the following questions: Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $2,000,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $ 450,000 1,050.000 500,000 400,000 2021 $1,100,000 0 1,500,000 1,600,000 2.2) Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. (16 points) Required: Prepare all journal entries to record costs, billings, collections, and profit recognition 1. Revenue recognition of Long-term contract Use this information to answer the following questions: Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $2,000,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $ 450,000 1,050,000 500,000 400,000 2021 $1,100,000 0 1,500,000 1,600,000 2.1) Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. (8 points) Required: Compute the amount of gross profit recognized during 2020 and 2021