data are as follows: Y uses the percentage-of-completion method and began work in 2020 on a contract for $16,000,000. Other 2021 $10,200,000 Costs incurred to date Estimated costs to complete Billings to date Collections to date Required: 1) How much revenue should be reported for 2020? Show your computation. 2) Make the entry to record progress billings during 2020. 3) Make the entry to record the revenue and gross profit for 2020. 4) How much gross profit should be reported for 2021? Show your computation. 2020 $7,200,000 4,800,000 5,600,000 4,000,000 16,800,000 14,400,000