During 2017, Sarasota 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 Costs incurred to date $366,300 $831,440 $1,067,000 Estimated costs to complete 623,700 262,560 0 Billings to date 297,000 894,000 1,590,000 Collections to date 270,000 816,000 1,417,000 Prepare all necessary journal entries for 2018.Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.