During 2017, Oriole Company started a construction job with a contract price of $1,696,000. The job was completed in 2019. The following information is available. The contract is non-cancellable. 2017 2018 2019 Costs incurred to date $424,000 $874,500 $1,134,200 Estimated costs to complete 636,000 291,500 0 Billings to date (non-refundable) 318,000 954,000 1,696,000 Collections to date 286,200 858,600 1,510,500 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 o 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 o for amounts.) 2017 2018 2019 Gross profit recognized $ $