During $2020,$ Nilsen Company started a construction job with a contract price of $$1,600,000.$ The job was completed in $2022.$ The

following information is available.

$($a$)$

X Your answer is incorrect.

Compute the amount of gross profit to be recognized each year, assuming the percentage$-$of$-$completion method is used.

Gross profit recognized in $2020$ $