During 2025,5 Sandhill Compary started a construction job witha contract price of $1,580,000. The job was completed in 2027 . The foliowing information is avaliable (a) Your answer is correct Compute the amount of gross proft to be recognized each year, assuming the percentage-of completion method is used. Gross profit recognized in 2025 Gross profit recognized in 2026$ Gross profit recognized in 2027. \$ Prepare all necessary journal entries for 2026 . FCrndit occount thies are dutomatically indenced when amount is entered Do not indent monually If no entry it reguirnd, select "No Entry" for the dccount billes and enter Of for the amounts For costs incurred use acoount Materials, Cash. Payobles. Lht al debit entries before ondit entries.) Compute the amount of gross profit to be recomnized each year, assuming the cost-recovery method is used