During 2020 , Nash Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Your answer is partially correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020$ Gross profit recognized in 2021$ Gross profit recognized in 2022 eTextbook and Media List of Accounts Prepare all necessary journat entries for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manuolly. If no entry is required, select "No Entry' for the account tities and enter ofor the omounts. For costs incurred use account 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 incuired use account Materials, Cash, Payables.) (To record collections.) 0.56/5 i (To recognize revenue.) eTextbook and Media List of Accounts Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used