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During 2014, Nilsen Company started a construction job with a contract price of $1,610,000. The job was completed in 2016. The following information is available.

During 2014, Nilsen Company started a construction job with a contract price of $1,610,000. The job was completed in 2016. The following information is available.

2014 2015 2016
Costs incurred to date $393,190 $832,960 $1,112,000
Estimated costs to complete $565,810 $263,040 0
Billings to date $301,300 $900,200 $1,610,000
Collections to date $263,700 $801,300 $1,376,000

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Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used Gross profit recognized in 2014 Gross profit recognized in 2015 Gross profit recognized in 2016 247,380 390,640 498,000

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