During 2017, Stellar Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available 2017 2018 2019 Costs incurred to date $410,000 $754,800 $1,067,000 Estimated costs to complete 590,000 355,200 0 Billings to date 297,000 899,000 1,610,000 Collections to date 272,000 818,000 1,437,000 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 $ 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.