During 2020, Metlock Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $424,200 $885,330 $1,060,000 585,800 207,670 299,000 908,000 1,590,000 273,000 819,000 1,435,000 -0 Billings to date 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 $ x Your answer is incorrect 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 (To record cost of construction.) (To record progress bilings.) (To record collections.) - ISO WAS O RELE DE (To record cost of construction.) (To record progress billings.) LE 1 (To record collections.) (To recognize revenue.) x Your answer is incorrect. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit $ Save for Later Attempts: 10