Required information IThe following information applies to the questions displayed below Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000 project was begun in 2017 and completed in 2018. Cost and other data are presented below 2017 $ 447,80 $1.118,800 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 1,843,gee 485,809 1.485,889 365,889 1.565,e00 sume that Beavis recognizes revenue on this contract over time according to percentage of completion quired: mpute the amount of gross profit recognized during 2017 and 2018 mount of gross profit recognized in 2017 mount of gross profit recognized in 2018 S 0