In 2021, Jeff Rouse Construction Company agreed to construct an apartment building at a price of $2,000,000. The information relating to the costs and billings for this contract is as follows: 2021 2022 2023 Costs incurred current year $560,000 $640,000 $370,000 Costs incurred to date $560,000 1,200,000 1,570,000 Estimated total cost to complete 1,600,000 1,600,000 1,570,000 Customer billings to date 150,000 400,000 1,000,000 Collection of billings to date 120,000 320,000 940,000 Required: 1. Compute the amount of revenue, expense, and gross profit recognized for each year under the percentage of completion method and completed contract method. Please organize your answer as follows (you must also show your complete computations): Percentage of completion method Completed contract method Items 2021 2022 2023 2021 2022 2023 Revenue recognized Expense recognized Gross Profit recognized 2. Prepare all necessary journal entries for 2021, 2022, and 2023 under the "percentage of completion method