During 2023 , Sheridan Company started a construction job with a contract price of $1,376,000. The job was completed in 2025 . The following information is available. The contract is non-cancellable. 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 number e.g. -45 or parentheses e.g. (45).) Prepare all necessary journal entries for 2024. (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 O for the amounts. List all debit entries before credit entries.) (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses)