On April 1, 2023, Crane Inc entered into a cost plus fixed fee non-cancellable contract to construct an electric generator for Waterway Corporation. At the contract date, Crane estimated that it would take two years to complete the project at a cost of $1,960,000. The fixed fee stipulated in the contract was $441,000. Crane appropriately accounts for this contract under the percentage- of-completion method. During 2023, Crane incurred costs of $784,000 related to this project. The estimated cost at December 31,2023 , to complete the contract is $1,176,000. Waterway was billed $588,000 under the contract. The billings are nonrefundable (a) Prepare a schedule to calculate the amount of gross profit to be recognized by Crane under the contract for the year ended December 31, 2023. 0 of