During 2017, Monty Company started a construction job with a contract price of $1,600,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $404,000 $830,680 $1,069,000 Estimated costs to complete 606,000 262,320 -0- 300,000 Billings to date 906,000 1,600,000 Collections to date 272,000 810,000 1,416,000 Your answer is correct. Compute the amount of gross profit is used be recognized each year, assuming the percentage-of-completion method Gross profit recognized in 2017 s236000 Gross profit recognized in 2018 1149320 Gross profit recogn ized in 2019 $[145680| Your answer is partially correct. Try again Prepare al necessary jour enes o2 ( gd colect or the asco ccount titles and enter O for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 426680 Materials, Cash, Payables 1426680 To Icost of of on. Accounts Receivable 1606000 Billings on Construction in Process 606000 (To record progress billings.) ICash Accounts Receivable (To record collections.) ttps://edugen.wile yplus.com/edugen/shared/assignment/te st/qprint. uni Page 1 of 2 6/24/19, 2:05 PM xercise -33 Construction in Process Construction Expenses 592000 Revenue from Long-Term Contracts (To recognize revenue.) x Your answer is incorrect. Try again. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2017 2018 2019 Gross profit