During 2025, Blossom Company started a construction job with a contract price of $1,580,000. The job...

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During 2025, Blossom Company started a construction job with a contract price of $1,580,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $424,200 $820,500 $1,077,000 Estimated costs to complete 585,800 273.500 -0- Billings to date 297,000 894,000 1,580,000 Collections to date 273,000 816,000 1,419,000 Your answer is correct Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 239400 Gross profit recognized in 2026 $ 125100 Gross profit recognized in 2027 138500 (b) Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) (c) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Anewer The parts of this question must be completed in order. This part will be available when you complete the part above. During 2025, Blossom Company started a construction job with a contract price of $1,580,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $424,200 $820,500 $1,077,000 Estimated costs to complete 585,800 273.500 -0- Billings to date 297,000 894,000 1,580,000 Collections to date 273,000 816,000 1,419,000 Your answer is correct Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 239400 Gross profit recognized in 2026 $ 125100 Gross profit recognized in 2027 138500 (b) Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) (c) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Anewer The parts of this question must be completed in order. This part will be available when you complete the part above.