During 2020, Crane Company started a construction job with a contract price of $1,216,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date 2020 $304,000 456,000 228.000 205.200 2021 $627,000 209.000 684,000 615,600 2022 5813,200 0 1.216,000 1,083,000 Calculate the amount of gross proht to be recognized each year, assuming the percentage of completion method is used(Enter negative amounts using either a negative sign preceding the number 23, -45 or parentheses es. (45) 2020 2021 2022 Gross profit/loss) 5 $ Prepare all necessary journal entries for 2021. (Use Materials, Cash, Payables for costs incurred to date.) (Credit occount title are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the acco titles and enter O for the amounts.) Account Titles and Explanation Debit Credit I (To record cost of construction) (To record progress billings) (To record collections) (To record construction expenses) e Textbook and Media 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 for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.s. (45.) 2020 2021 2022 Gross profit/Loss) S