During 2020, Grouper Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.

		2020		2021		2022
Costs incurred to date		$434,300		$859,560		$1,073,000
Estimated costs to complete		575,700		242,440		0
Billings to date		301,000		897,000		1,610,000
Collections to date		271,000		817,000		1,428,000

Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For costs incurred use account Materials, Cash, Payables.)

Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.