During 2020, Sheffield Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $370,000 $869,790 $1,080,000 Estimated costs to complete 630,000 231,210 -0- Billings to date 302,000 900,000 1,590,000 Collections to date 267,000 804,000 1,415,000 Part 1 * 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 $ 243460 Gross profit recognized in 2021 $ 371640 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.) Account Titles and Explanation Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit $ $ $ $