During 2020, Pearl 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 (a) Your answer is 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 $ 229400 Gross profit recognized in 2021 $ 125500 Gross profit recognized in 2022 $ 192100 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 0 for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit cost (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.)