During 2020, Pina Company started a construction job with a contract price of $1,580,000. 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 $404,000 606,000 301,000 271,000 2021 $853,160 254,840 904,000 812,000 2022 $1,073,000 -0- 1,580,000 1,418,000 X Your answer is incorrect. 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 $ e Textbook and Media List of Accounts 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 O for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 853,160 Materials, Cash, Payables 853,160 (To record cost of construction.) Accounts Receivable 904,000 Billings on Construction in Process 904,000 (To record progress billings.) Cash 812,000 Accounts Receivable 812,000 (To record collections.) Construction Expenses 853,160 Construction in Process Revenue from Long-Term Contracts (To recognize revenue.) X 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 $ e Textbook and Media List of Accounts