Sheridan Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.5 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract: 2019 Costs incurred during the year 2020 $649,000 $812,000 $707,900 2021 Estimated costs to complete 1,489,000 697,000 Calculate the gross profit to be recognized each year using the completed-contract method. Revenue $ Expenses Gross Profit $ Save for Later 2019 2020 $ 2021 Attempts: 0 of 1 used Submit