Pensacola Building Company signed a contract to build a road over a period of two years for a price of $600,000. Information relating to the performance of the contract is summarized below: 2023 2024 Construction costs incurred during the year $110,000 $330,000 Estimated costs to complete $330,000 $--- Billings during the year (90% collected in cash) $100,000 $340,000 Calculate the amount of gross profit recognized in 2023 and type and label your answer here for two points of extra credit. For an additional two points of extra credit, calculate the amount of gross profit recognized in 2024 and type and label your answer in the space provided