ACCT 100/ACET 2013 CLEAR Question 23 During 2020, Larkspur Company started a construction job with a contract price of 51.610,000. The job was completed in 2022. The flowing information 2020 2021 2022 Costs incurred to date $383,800 5905,280 $1,063,000 Estimated costs to complete 626,200 195,720 -0- Billings to date 302,000 896,000 1,610,000 Collections to date 271,000 $17.000 1,419,000 Compute the amount of gross profit to be recognised each year, assuming the percentage-ot.comtion method $ Gross profit recognired in 2020 Gross profit recognized in 2021 Gross pranit recognized in 2022 $ Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If entry is required reste Entry for the account titles and enter for the amounts or cows incurred we account Materials, Cath, Payable) Account Tities and Explanation Debit Credit (To record cost of construction) (To record progress bilings) (To record collections.) Prepare all necessary Journal entries for 2021. (Credit accountries are automatically indented when amount is entered. Do not identityIto antys Entry" for the account titles and enter for the amounts. For colocurred account Material Can, Pays) Account Tities and Explanation Debit Credit (To record cost of construction) (To record progress brings) (To record collections) (to recognise revenue) Compute the amount of gross profit to be recognized each year, assuming the completed-contrast method is used 2020 2021 2022 Gross profit $ $ Click if you would like to show Work for this questions on how MUITAR