During 2025, Crane Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $410,000 $901,180 $1,067,000 Estimated costs to complete 590,000 197,820 -0- Billings to date 297,000 903,000 1,590,000 Collections to date 271,000 805,000 1,434,000 (a) Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 $ 241900 Gross profit recognized in 2026 $ 160720 Gross profit recognized in 2027 $ 120380 Prepare all necessary journal entries for 2026. (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. List all debit entries before credit entries.) Account Titles and Explanation Construction in Process Debit Credit Materials, Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process Construction Expenses Revenue from Long-Term Contracts (To recognize revenue.)