McCombs Contractors received a contract to construct a building for a price of $ 700,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows:

	2017	2018
Costs incurred during the year	150,000	242,000
Estimated costs to complete	350,000	168,000
Billings during the year	120,000	250,000
Cash collections during the year	100,000	260,000

Required: Compute the amount of gross profit recognized during 2017 and 2018