During 2017, Crane Company started a construction job with a contract price of $1,568,000. The job was completed in 2019. The following information is available. The contract is non-cancellable.

		2017		2018		2019
Costs incurred to date		$392,000		$808,500		$1,048,600
Estimated costs to complete		588,000		269,500		0
Billings to date (non-refundable)		294,000		882,000		1,568,000
Collections to date		264,600		793,800		1,396,500

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

		2017		2018		2019
Gross profit recognized		$		$		$

Prepare all necessary journal entries for 2018. (Use Accounts Payable for costs incurred to date.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
(To record cost incurred.)
(To record billings to date.)
(To record collection.)
(To record revenue from long-term contract.)
(To record construction expenses.)

Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used. (Do not leave any answer field blank. Enter 0 for amounts.)

		2017		2018		2019
Gross profit recognized		$		$		$