During 2020, Waterway Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $430,000 570,000 301,000 272,000 2021 $819,750 273,250 895,000 807,000 2022 $1,071,000 -0- 1,620,000 1,433,000 (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 $ Gross profit recognized in 2021 $ Gross profit recognized in 2022 $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit