McCombs Contractors received a contract to construct a mental health facility for $$2,500,000.$ Construction was begun in $2023$ and completed in $2024.$ Cost and other data are presented below:

 $20232024$

Costs incurred during the year $ $1,500,000$ $ $1,300,000$

Estimated costs to complete $1,200,0000$

Billings during the year $1,200,0001,300,000$

Cash collections during the year $1,000,0001,500,000$

Assume that McCombs recognizes revenue on this contract over time according to percentage of completion.

Required:

Compute the amount of gross profit recognized during $2023$ and $2024.$

Note: Loss amounts should be indicated with a minus sign.

Amount of gross profit$($or loss$)$ recognized in $2023$: $?$

Amount of gross profit$($or loss$)$ recognized in $2024$: $?$