During 2014, Nilsen Company started a construction job with a contract price of $1,690,000. The job was completed in 2016. The following information is available. 2014 2015 2016 Costs incurred to date $387,200 $828,750 $1,095,000 Estimated costs to complete 580,800 276,250 0 Billings to date 304,500 904,500 1,690,000 Collections to date 258,400 831,400 1,466,000 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 $ Prepare all necessary journal entries for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit (To record cost of of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2014 2015 2016 Gross profit $ $ $