During 2017, Waterway 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 $380,000 $847,770 $1,069,000 Estimated costs to complete 620,000 253,230 0 Billings to date 302,000 896,000 1,610,000 Collections to date 272,000 812,000 1,418,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Prepare all necessary journal entries for 2018.