During 2020, Buffalo Company started a construction job with a contract price of $1,580,000. The job was completed in 2022. The following information is available. 2022 $1,067,000 2020 2021 $430,000 $766,500 570,000 328,500 297.000 900,000 272,000 817.000 Costs incurred to date Estimated costs to complete Billings to date Collections to date -0- 1,580,000 1.411,000 (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 249400 Account Titles and Explanation Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.)