During 2017, Blossom Company started a construction job with a contract price of $1,590,000. The job was completed in 2019. The following information is available.

		2017		2018		2019
Costs incurred to date		$396,000		$806,600		$1,080,000
Estimated costs to complete		594,000		283,400		0
Billings to date		301,000		892,000		1,590,000
Collections to date		268,000		816,000		1,427,000

Prepare all necessary journal entries for 2018.

Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.