A&A Company entered into a fixed-price non-cancellable contract to construct an office building for $10,200,000. Construction starts in 2020, and ends in the 2022 year. The following data pertain to the construction period: 2020 2021 2022 Costs incurred to date $ 1,275,500 $ 3,260,600 $ 5,294,800 Estimated costs to complete 3,824,500 2,039,400 0 Progress billings to date 2,550,000 6,630,000 10,200,000 Cash collected to date 2,167,500 5,635,500 10,200,000 A&A Company uses the percentage of completion method and the cost-to-cost basis in accounting for its construction projects. Required: Calculate the gross profit that should be recognized for the 2020, 2021 and 2022 years. (6 marks) Prepare the journal entries for the 2021 year