During 2020, Blue Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $383,800 $905,280 $1,063,000. Estimated costs to complete 626,200 198.720 -0- Billings to date 302,000 896,000 1,610,000 Collections to date 271,000 817,000 1,419,000 (a) Your answer is correct Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020- 221000