Brief Exercise 6-33 a, b1-ci (Part Level Submission) During 2020, Flounder Corporation started a construction job with a contract price of $5.74 million. Flounder ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Flounder sends billings as revenues are earned. Billings are non-refundable. The following information is available: 2020 $ 820,000 4,305,000 Costs incurred to date Estimated costs to complete 2021 $2,870,000 2,870,000 2022 $5,640,000 (a) Your answer is correct. Calculate the amount of gross profit that should be recognized each year under the percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit / (loss) 98400 98400) (98400) 100000 (b1) Prepare the year-end journal entries for 2021 to record revenues and expenses from the contract, assuming the percentage-of-completion method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit 2021 (To record revenues) 2021 Construction Expenses (To record construction expenses)