During 2020. Vaughn 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 $424.200 2021 $885,330 2022 $1,060,000 Costs incurred to date Estimated costs to complete 585,800 207.670 Billings to date 299,000 273,000 908,000 819.000 1.590,000 1.435,000 Collections to date 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 proht 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 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 $ List of Accounts