Required Information (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 $1,820,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 5:51 Coata incurred during the year Estimated costs to complete Billings during the year collections during the year 2017 2018 $518,000 $1,120,000 62,0000 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 2017 and 2018. Amount of gross profit recognized in 2017 Amount of gross profit recognized in 2018