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During 2020, Sweet Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available.

During 2020, Sweet Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available.

2020

2021

2022

Costs incurred to date

$373,700 $749,360 $1,070,000

Estimated costs to complete

636,300 352,640 0

Billings to date

302,000 907,000 1,620,000

Collections to date

268,000 815,000 1,425,000

(a)

Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Gross profit recognized in 2020

$enter a dollar amount

Gross profit recognized in 2021

$enter a dollar amount

Gross profit recognized in 2022

$enter a dollar amount

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