On February 1, 20x1, Arrow Construction Company entered into a fixed-price construction contract to build freeway dividers for $1,770,000. The project was begun in 20x1 and completed in 20x2. 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 20x1 20x2 $396,000 $1,070,000 924,000 0 490,000 1,280,000 390,000 1,380,000 Assume that Arrow recognizes revenue upon completion of the project. Required: Compute the amount of gross profit Arrow should recognize during 20x1 and 202. (Leave no cells blank - be certain to enter "O" wherever required.) 20x1 20x2 Gross Profit