During 2020, Marigold 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 Estimated costs to complete $424,200 $820,500 $1,077,000 585,800 273,500 -O- 297,000 894,000 1,580,000 273,000 816,000 1,419,000 Billings to date Collections to date Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized in 2021 $ Gross profit recognized in 2022 $ e Textbook and Media List of Accounts 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.) Account Titles and Explanation Debit Credit