03. Ayayai Construction Co. contracted to build a bridge for $11,650,000. Construction began in 2021 and was completed in 2022. Data relating to the construction are:

		2021		2022
Costs incurred during the year		$4,543,500		$3,079,000
Estimated costs to complete		3,029,000

Ayayai uses the percentage-of-completion method.

How much revenue should be reported for 2021?

Revenue

$

Make the entry to record progress billings of $4,100,000 during 2021. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

Make the entry to record the revenue and gross profit for 2021. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

How much gross profit should be reported for 2022?

Gross profit

$