During 2020,SheffieldCompany started a construction job with a contract price of $1,580,000. The job was completed in 2022. The following information is available.

2020

2021

2022

Costs incurred to date$383,800$807,380$1,070,000Estimated costs to complete626,200298,620-0-Billings to date297,000895,0001,580,000Collections to date271,000807,0001,433,000 (See the details of the question in the pictures that I have attached.)

During 2020, Sheffield Company started a construction job with a contract price of $1,580,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $383,800 $807,380 $1,070,000 Estimated costs to complete 626,200 298,620 -0- Billings to date 297,000 895,000 1,580,000 Collections to date 271,000 807,000 1,433,000 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 $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 required, select "No Entry" for the account titles and enter O 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.)\fCompute the amount of gross prot to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross prot $ $ $