Exercise 18-33 During 2017, Pharoah Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date Estimated costs to complete Billings to date Collections to date $405,900 $766,500 $1,076,000 584,100 328,500 300,000 893,000 1,610,000 267,000 809,000 1,435,000 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 2017 Gross profit recognized in 2018 Gross profit recognized in 2019 254,200 106,300 173,500