= During 2020, Crane Company started a construction job with a contract price of $1,568,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2021 2022 Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date 2020 $392,000 588,000 $808,500 269.500 $1,048,600 0 1,568,000 1,396,500 294.000 882,000 264,600 793.800 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number es 45 or parentheses es. (451) 2020 2021 2022 Gross profit/Gloss) List of Accounts IH Type here to search o Prepare all necessary journal entries for 2021. (Use Materials, Cash, Payables for costs incurred to date. (Credit account are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) Type here to search O (To record collections) (To record revenues) (To record construction expenses) List of Accounts Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number eg, -45 or parentheses es. (451) Type here to reach List of Accounts Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used. (Do not leave any answer field blank. Enter Ofor amounts. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg.(45)) 2020 2021 2022 Gross profit/(loss) $ List of Accounts Save for Later Attempts: 0 of 1 used Submit Answer Type here to search O . 6