On April 1, 2014, Dougherty Inc. entered into a cost-plus-fixed-fee contract to construct an electric generator for Altom Corporation. At the contract date, Dougherty estimated that it would take 2 years to complete the project at a cost of $1,962,000. The fixed fee stipulated in the contract is $467,000. Dougherty appropriately accounts for this contract under the percentage-of-completion method. During 2014, Dougherty incurred costs of $745,560 related to the project. The estimated cost at December 31, 2014, to complete the contract is $1,216,440. Altom was billed $697,000 under the contract. Prepare a schedule to compute the amount of gross profit to be recognized by Dougherty under the contract for the year ended December 31, 2014. Show supporting computations in good form