! Required information Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,750,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: 2015 2016 Costs incurred during the $ $1,050,000 year 469,000 Estimated costs to complete 871,000 0 Billings during the year 480,000 1,325,000 Cash collections during the 380,000 1,425,000 year 9 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2015 and 2016. Amount of gross profit recognized in 2015 Amount of gross profit recognized in 2016