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ontract) On April 1, 2014, Dougherty Inc. entered into a cost plus-fixed-fee contract to construct an electric generator for Altom Corporation At he S The fixed fee stipulated in the contract is $800,000 related to the project The estimated cost at December 31, 2014, to complete the Dougherty estimated that it would take 2 years to complete the project at a cost of $2000,000 contract under the percentage-of-completion method. During 2014, Dougherty incurred costs of $450.00 Dougherty appropriately accounts for this $600 000 under the contract Altom was billed contract is Prepare a schedule to compute the amount of gross profit to be recognized by Dougherty under the contract for the year ended December 31, 2014 Show supporting computations in good form DOUGHERTY INC. Computation of Gross Profit to Be Recognized on Uncompleted Contract For The Year Ended December 31, 2014 Title Title Total Total estimated cost Title Title Gross profit to be recognized Formula