During 2025, Pharoah Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $373,700 $902,000 $1,070,000 Estimated costs to complete 636,300 198,000 -0- Billings to date 303,000 899,000 1,620,000 Collections to date 273,000 807,000 1,412,000 (a) * Your answer is incorrect. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 $ 610000 Gross profit recognized in 2026 $