Exercise 18-33 During 2020, Headland Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available. 2021 Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $444,400 565,600 301,000 272,000 $867,420 230,580 904,000 814,000 2022 $1,060,000 -0- 1,620,000 1,411,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in 2021 s Gross profit recognized in 2022 SHOW LIST OF ACCOUNTS Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is 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 (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profits SHOW LIST OF ACCOUNTS