During 2020, Kingbird 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 Billings to date 301,000 897,000 1,610,000 Collections to date 271,000 817,000 1,428,000 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 tities and enter o for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process Materials, Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process Construction Expenses Revenue from Long-Term C (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit