During 2020, Metlock 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 $410,000 $754,800 $1,067,000 Estimated costs to complete 590,000 355,200 -O- Billings to date 297,000 272,000 899,000 818,000 1,610,000 1,437,000 Collections to date X Your answer is incorrect. 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 to 543000 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 o for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 344800 Materials, Cash, Payables 344800 (To record cost of construction.) Accounts Receivable 309000 Billings on Construction in Process 309000 (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process 344800 Construction Expenses 344800 Revenue from Long-Term Contracts 1094800 (To recognize revenue.)