Durine 2020, Flounder Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $396,000 $806,600 $1,080,000 594.000 263,400 -0- 201.000 892,000 1.590,000 268.000 816,000 1.427,000 Billings to date Collections to date Compute the amount of grass profit to be recognized each year, assuming the percentage-af-completion method is used Gross pront recognized in 2020 $ Gross pront recognized in 2021 $ Gross profit recognized in 2022 $ eTextbook and Media List of Accounts Prepare all necessary Journal entries for 2021 (Credit account tites are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts For costs incurred use account Materials, Cash Payables) Account Titles and Explanation Debit Credit Construction in Process (To record cost of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction Expenses Construction in Process Revenue from Long-Term Contracts (To recognize revenue.) e Textbook and Media List of Accounts Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit $ 0 $