During 2020, Ivanhoe Company started a construction job with a contract price of $1.280,000. The job was completed in 2022. The following information is available. The contract is non-cancellable 2020 2021 2022 $320.000 $660.000 $856.000 480.000 220.000 0 Costs incurred to date Estimated costs to complete Billings to date non-refundable) Collections to date 240.000 720.000 1280.000 216.000 648.000 1 140.000 Calculate the amount of gross profit to be recognized each year, assuming the percentage of completion method is used. (Enter negative amounts using either a negative sin preceding the number es 45 or parentheseses (450 2020 2021 2022 Gross profit/loss $ $ eTextbook and Media List of Accounts Prepare all necessary Journal entries for 2021. Use Materials. Cash Payables for costs incurred to date.) 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 for the amounts) Account Titles and Explanation Debit Credit (To record cost of construction)