On April 1, 2017, Bridgeport Inc. entered into a cost plus fixed fee contract to construct an electric generator for Altom Corporation. At the contract date, Bridgeport estimated that it would take 2 years to complete the project at a cost of $2,010,000. The fixed fee stipulated in the contract is $470,000. Bridgeport appropriately accounts for this contract under the percentage-of-completion method. During 2017, Bridgeport incurred costs of $824,100 related to the project. The estimated cost at December 31, 2017, to complete the contract is $1,185,900. Altom was billed $610,000 under the contract. Prepare a schedule to compute the amount of gross profit to be recognized by Bridgeport under the contract for the year ended December 31, 2017. Show supporting computations in good form.