During 2020, Oriole 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 $366,300 $772,100 $1,063,000 Estimated costs to complete 623,700 330,900 -0- Billings to date 300,000 909,000 1,610,000 Collections to date 271,000 807,000 1,424,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ 0 Gross profit recognized in 2021 $ 0 Gross profit recognized in 2022 $ 547000 Account Titles and Explanation Debit Credit Construction in Process Materials, Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process Construction Expenses Revenue from Long-Term Contracts Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit $ LA $ $