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. (a) Your answer is correct Compute the amount of gross proht to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 20205 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 proft recognized in 2021 Gross profit recognized in 2022 Prepare all necessary journal entries for 2021. (Credit occount tities are outomatically indented when amount is entered. Do not indent manually. If no entry Is required, select "No Entry" for the account tities and enter O for the amounts. For costs Incumed use occount Materlak, Cash, Payables. Account Titles and Explanation Construction in Process Materials, Cash, Payables (To record cost of construction.) Accounts Recelvable Billings on Construction in Process: (To record progress billings.) Accounts Receivable (To record collections.) Construction Expenses Construction in Process 594,000 521,480 \begin{tabular}{|l|} \hline$94,000 \\ \hline \end{tabular} Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used