During 2020. Pharoah Company started a construction job with a contract price of $1,728.000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2020 2021 2022 $432,000 $891,000 $1,155,600 0 648.000 297,000 Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date 324,000 972.000 1,728,000 291,600 874.800 1,539,000 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) 2020 2021 2022 Gross profit/(loss) $ 259200 $ $ 145800 $ 167400 e Textbook and Media List of Accounts Prepare all necessary journal entries for 2021. (Use Materials, Cash, Payables for costs incurred to date.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Construction Expenses 891,000 (To record cost of construction) Accounts Receivable Contract Asset/Liability (To record progress billings) Cash Accounts Receivable (To record collections) (To record revenues) (To record construction expenses) eTextbook and Media List of Accounts Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used. (Do not lea any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) 2020 2021 2022 Gross profit/(loss) $ $ $