Exercise 18-33 During 2017, Riverbed Company started a construction job with a contract price of $1,620,000. The job was completed in 2019. The following information is available. 2019 $1,061,000 Costs incurred to date Estimated costs to complete Billings to date Collections to date 2017 $393,900 616,100 303,000 273,000 2018 $889,380 208,620 902,000 814,000 1,620,000 1,418,000 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 237,900 Gross profit recognized in 2018 184,920 Gross profit recognized in 2019 136,180 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Prepare all necessary journal entries for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry required, select "No Entry" for the account titles and enter o for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 495,480 495,480 Materials, Cash, Payables (To record cost of of construction.) Accounts Receivable 599,000 Billings on Construction in Process 599,000 (To record progress bilings.) Cash 541,000 Accounts Receivable 541,000 (To record collections.) Construction Expenses 495,480 Construction in Process 184,920 680,400 Revenue from Long-Term Contracts x Your answer is incorrect. Try again. Compute the amount of gross profit to be recognized each year, assuming the completed contract method is used. 2017 2018 2019 Gross profit 237,900 184,920 136,180 Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT