During 2020. Pharoah 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 Billings to date Collections to date 2020 $366,300 623.700 297.000 270,000 2021 $831,440 262,560 894,000 816,000 2022 $1,067,000 -0- 1.590,000 1417,000 Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. 222000 Gross proft recognized in 2020 $ Gross profit recognized in 2021 Gross proft recognized in 2022 $ $ 154960 146040 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.) Credit Debit 465140 465140 Account Titles and Explanation Construction in Process Materials. Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash 597000 597000 546000 Accounts Recevable 546000 (To record collections.) Construction Expenses 465140 Construction in Process 154960 620100 Revenue from Long Term Contracts (To recognize revenue.) * 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 $ 222000 $ 154960 $ 146040