Exercise 18A-26 During 2014, Nilsen Company started a construction job with a contract price of following information is available 1,824,000. The job was completed in 2016, The 2014 $456,000 684,000 342,000 307,800 2015 2016 Costs incurred to date Estimated costs to complete Billings to date Collections to date $940,500 $1,219,800 313,500 1,026,000 923,400 1,824,000 1,624.500 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used 2014 2015 2016 Gross profi t recognized SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare all necessary journal entries for 2015, assuming all costs are on account. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit To record costs of construction) (To record progress bilings) (To record collections) (To recognize revenue and gross profit) SHOW LIST OF ACCOUNTS LINK TO TEXT