Question 51 -/5 Use this information to answer the following questions: Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below 2017 2018 Costs incurred during the year $ 450,000 $1,100,000 Estimated costs to complete 1,050,000 Billings during the year 400,000 1,400,000 Cash collections during the year 300,000 1,500,000 0 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required Compute the amount of gross profit recognized during 2017 and 2018. 160,000 Question 52 -/5