Required information SB Problem The 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 $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below. Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 $ 450,000 $1,108, eee 1,050,000 400,000 1,400,000 300,000 1,500,000 Problem 5-284 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. Amount of gross profit recognized in 2017 Amount of gross profit recognized in 2018 O fil romanized in 2018 $ 250.000