During 2020, Sheridan Company started a constructionjob 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 $344,000 $709,500 $920.200 Costs incurred to date 516,000 236,500 0 Estimated costs to complete 258,000 774,000 1.376.000 Billings to date (non-refundable) Collections to date 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 numbereg: 45 or parentheses es (451) 2020 2021 2022 S $ Gross profit/(loss) List of Accounts 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 for the amounts.) Account Titles and Explanation Debit Credit (To record cost of construction) Qu Prepare all necessary journal entries for 2021 (Use Materials, Cash Payables for costs incurred to dete) (Credit account btlese automatically indented when the amount is entered. Do not indent morally in entry is required, select "No Entry for the account titles and enter for the amounts) Credit Debit Account Titles and Explanation (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) List of Accounts Calculate the amount of gross profit to be recognized each year assuming the completed contract method is used. (Do not leave any answer field blank. Enter for amounts Enternetve amounts her a negative si preceding the number es 45 or parentheses 1451) 2020 2021 2022 Gross profislos) s 5 $ Ust of Accounts