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 2019 Costs incurred to date Estimated costs to complete Billings to date Collections to date 2018 $396,000 $806,600 $1,080,000 283,400 301,000 892,000 1,590,000 268,000 816,000 1,427,000 594,000 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 eTextbook and Media List of Accounts 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 (To record cost of of construction.) To record progress billings.) (To record collections.) (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 $