During 2017, Pharoah 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 $396,000 $806,600 $1,080,000 Costs incurred to date Estimated costs to complete Billings to date Collections to date 594,000 01,000 892,000 1590,000 268,000 816,000 1,427,000 283,400 X Your answer is incorrect Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2017 $ Gross profit recognized in 2018 Gross profit recognized in 2019 150000 250000 510000 Prepare all necessary journal entries for 2018. (Credit account titles are automatically indented when 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. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 806600 Materials, Cash, Payables 806600 (To record cost of of construction.) Accounts Receivable 1090000 Billings on Construction in Process 1090000 (To record progress billings.) Cash 1090000 Accounts Receivable 1090000 (To record collections.) Construction Expenses 806600 Construction in Process Revenue from Long-Term Contracts 090000 (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2017 2018 2019 Gross profit $ 150000 $ 250000 $ 510000