During 2020, Sheridan Company started a construction job with a contract price of $1,376,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2020 2021 2022 - Costs incurred to date $344,000 $709.500 $920,200 Estimated costs to complete 516,000 236.500 0 Billings to date (non-refundable) Collections to date 258,000 774,000 1,376,000 232,200 696,600 1,225,500 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 eg.-45 or parentheses e.g. (45)) 2020 2021 2022 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 eg.-45 or parentheses e.g. (45)) Gross profit/(loss) 2020 eTextbook and Media List of Accounts 2021 2022 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 O for the amounts.) Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) 12-17 (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) 1318