During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027 . The following information is available. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025$ Gross profit recognized in 2026$ Gross profit recognized in 2027$ 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 0 for the amounts. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) (To record progress billings.) (To record collections.) (To recognize revenue.) During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027 . The following information is available. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025$ Gross profit recognized in 2026$ Gross profit recognized in 2027$ 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 0 for the amounts. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) (To record progress billings.) (To record collections.) (To recognize revenue.)