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20. (3 points) During 2017, Novak Company started a construction job with a contract price of $1,620,000. The job was completed in 2019. The following
20. (3 points) During 2017, Novak Company started a construction job with a contract price of $1,620,000. The job was completed in 2019. The following information is available. 2017 2018 2019 $1,070,000 -0- Costs incurred to date Estimated costs to complete Billings to date Collections to date $373,700 636,300 302,000 268,000 $749,360 352,640 907,000 815,000 1,620,000 1,425,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of- completion method is used. Gross profit recognized in 2017 -- Gross profit recognized in 2018 -- Gross profit recognized in 2019
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