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Required information [The following information applies to the questions displayed below. ] Hogan Family Construction has been contracted to build an elementary school for $1,860,000. The project began in Year1 and completed in Year 2. Cost and other data are presented below: Year 1 Year 2 Costs incurred during the year $ 432,000 $1,160,000 Estimated costs to complete 1,008,000 0 Billings during the year 430,000 1,430,000 Cash collections during the year 330,000 1,530,000 Assume that Hogan Family Construction recognizes revenue upon completion of the project. Required: Compute the amount of gross prot recognized during Year1 and Year 2. (Leave no cells blank - be certain to enter "0" wherever required.)