During 2020, Pina Company started a construction job with a contract price of $1,620,000. 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 $383,800 626,200 300,000 267,000 2021 $850,200 239,800 899.000 816,000 2022 $1,074,000 -0- 1,620,000 1.429.000 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 $ 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.) Debit Credit 466400 466400 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.) 599000 599000 Cash 549000 549000 Accounts Receivable (To record collections.) Construction Expenses Construction in Process 446400 Revenue from Long-Term Contracts (To recognize revenue.) Construction Expenses 446400 Construction in Process Revenue from Long-Term Contracts (To recognize revenue.) Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit 0 0 546000