On February 1, 20x1, Arrow Construction Company entered into a fixed-price construction contract to build freeway dividers for $1,890,000. The project was begun in 20x1 and completed in 20x2. Cost and other data are presented below:

	20x1	20x2
Costs incurred during the year	$	423,000		$	1,190,000
Estimated costs to complete		987,000			0
Billings during the year		445,000			1,445,000
Cash collections during the year		345,000			1,545,000

Assume that Arrow recognizes revenue upon completion of the project. Required: Compute the amount of gross profit Arrow should recognize during 20x1 and 20x2. (Leave no cells blank - be certain to enter "0" wherever required.)

On February 1, 20x1, Arrow Construction Company entered into a fixed-price construction contract to build freeway dividers for $1,890,000. The project was begun in 201 and completed in 202. Cost and other data are presented below: Assume that Arrow recognizes revenue upon completion of the project. Required: Compute the amount of gross profit Arrow should recognize during 201 and 202. (Leave no cells blank - be certain to enter " 0 " wherever required.)