During 2020, Flounder Corporation started a construction job with a contract price of $ 5.74 million. Flounder ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Flounder sends billings as revenues are earned. Billings are non-refundable. The following information is available: 2020 2021 2022 Costs incurred to date $ 820,000 $ 2,870,000 $ 5,640,000 Estimated costs to complete 4,305,000 2,870,000 -0- Your answer is correct. Calculate the amount of gross profit that should be recognized each year under the percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit/ (loss) $ 98400 $ (98400) $ 100000 Prepare the year-end journal entries for 2021 to record revenues and expenses from the contract, assuming the percentage-of- completion method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 2021 Construction Expenses 1951600 Revenue from Long-Term Contracts 1951600 (To record revenues) 2021 Construction Expenses 2050000 Cash 2050000 (To record construction expenses)