During 2020, Grouper Company started a construction job with a contract price of $1,580,000. The job was completed in 2022. The following information is available.

		2020		2021		2022
Costs incurred to date		$430,000		$766,500		$1,067,000
Estimated costs to complete		570,000		328,500		0
Billings to date		297,000		900,000		1,580,000
Collections to date		272,000		817,000		1,411,000

b) Prepare all necessary journal entries for 2021.

-(To record cost of construction.)

-(To record progress billings.)

-(To record collections.)

-(To recognize revenue.)

c) Prepare the necessary journal entries for 2022