A construction company won a contract to build a dam. The project began in 2020 and was completed in 2021. Assume that the company recognizes revenue on this contract over time according to the percentage of completion. Bid price: $1,800,000 2020 2021 $450,000 $1,100,000 1,050,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 400,000 1,400,000 300,000 1,500,000 Calculate the following values: 2020 gross profit recognized = $ 2021 gross profit recognized = $ At the end of 2020, is there a contract asset or liability? Type asset or liability for your answer: What is the amount reported for the contract asset or liability? $ Record the journal entry to close out the contract at the end of 2021: DR $ CR $