During 2017, Novak Company started a construction job with a contract price of $1,620,000. The job was completed in 2019. The following information is available.

2017	2018	2019
Costs incurred to date	$444,400	$867,420	$1,060,000
Estimated costs to complete	565,600	230,580	?0?
Billings to date	301,000	904,000	1,620,000
Collections to date	272,000	814,000	1,411,000

answer the attach file

During 2017, Novak Company started a construction job with a contract price of $1,620,000. The job was completed in 2019-. The following information is available. Costs incurred to date $444,400 $86?,420 $1,060,000 Estimated costs to complete 565,600 230,580 0 Billings to date 301,000 904,000 1,620,000 Collections to date 272,000 014,000 1,411,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 201? $ Gross profit recognized in 2018 $ Gross profit recognized in 2019 $ Prepare all necessary journal entries for 2018. (Credit account tities are automaticaiiy indented when amount is entered. Do not indent manuaiiy. If no entry is required, seiect "No Entry" for the account tities and enter 0 for the amounts. For costs incurred use account Materiais, Cash, Payahies.) Account Tides and Expla nation Debit Credit (To record cost of of comtrucon.) (To record progress billings.) (To record colleclions.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. cross-mm s: s: s