During 2025, Sheridan Company started a construction job with a contract price of $1,600,000. 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 proft recognized in 2027 Construction in Process 426680 Materials, Cash, Payables 426680 (To record cost of construction.) Accounts Receivable Billings on Construction in Process 606000 (To record progress billings.) Cash 538000 Accounts Recelvable (To record collections.) Construction in Process 149320 Construction Expenses Revenue from Long. Term Contracts Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used