During 2020 , Sheridan Company started a construction job with a contract price of $1,610,000. The job was completed in 2022 . The following information is available. Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in 2021$ 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 Ofor the amounts. For costs incurred use account Materials, Cash, Payables.) (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.)