During 2020, Ayayai Corporation started a construction job with a contract price of $5.46 million. Ayayai ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Ayayai sends billings as revenues are earned. Billings are non-refundable. The following information is available:

Your answer is correct. Calculate the amount of gross profit that should be recognized each year under the percentage-of-completion method. (Ente or parentheses e.g. (45).) 2020 2021 2022 Gross profit / (loss) 93,600 -93,600 100,000 Your answer is partially correct. Try again. Prepare the year-end journal entries for 2021 to record revenues and expenses from the contract, assuming the percentage-of-completion method is used. when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amo Date Account Titles and Explanation Debit Credit 2021 Consignment Sales 1856400 1856400 Revenue from Consignr (To record revenues) 20214 Construction Expenses 1950000 Accounts Payable 1950000 (To record construction expenses)