During 2020, Headland Company started a construction job with a contract price of $1,620,000. The job was completed in 2022 The following information is available 2022 $1,061.000 Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $393.900 616,100 303,000 273,000 2021 $889,380 208,620 902.000 814,000 1,620,000 1,418,000 (a) Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ 237.900 Gross profit recognized in 2021 $ 184.920 Gross profit recognized in 2022 $ 136,180 e Textbook and Media Assistance Used List of Accounts Attempts: 1 of 5 used ( (b) Your answer is correct. 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 for the amounts. For costs incurred use account Materials, Cash, Payables.) Debit Credit Account Titles and Explanation Construction in Process 495,480 495,480 Materials, Cash, Payables (To record cost of construction.) Accounts Receivable 599000 599000 Billings on Construction In Process (To record progress billings.) Cash 541000 Accounts Recevable 541000 ( (To record collections.) Construction In Process 184.920 Construction Expenses 495,480 680,400 Revenue from Long-Term Contracts (To recognize revenue.) e Textbook and Media List of Accounts Assistance Used Attempts: 3 of 5 used (c) Compute the amount of gross proht to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit $ $ $