In 2015, Modern Construction Company entered into a contract to construct a building for $5,000,000. The estimated cost to complete the building is $4,000,000 and the project will be completed in 2016. Modern incurred actual construction costs of $1,600,000 and $1,800,000 in 2015 and 2016, respectively.

How much gross profit is recognized using the percentage of completion method in 2015 and 2016?

Please show work to help me understand how to calculate this.