MindTap - Cengage ProConnect Tax C HomeChegg.com Dashboard Main Saved 0 Help Save & Exit Subm Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,870,000. 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 2e2e 2021 $ 429,000 $1,170,000 1,001, eee @ 435,000 1,435,000 335, eee 1,535,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: Compute the amount of gross profit recognized during 2020 and 2021 5 93.622 Amount of gross profit recognized in 2020 Amount of gross prot recognized in 2021