During 2020, Ayayai Company started a construction job with a contract price of $1,600,000. The job was completed in 2022 . The following information is available. Part 1 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in 2021$ Gross profit recognized in 2022$ Prepare all necessary journal entries for 2021 . (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 Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. eTextbook and Media List of Accounts Attempts: 0 of 3 used