journal entries has 5 part

During 2020, Sunland Company started a construction job with a contract price of $1,792,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2021 2020 $448,000 $924,000 Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date 2022 $1,198,400 0 672,000 308,000 336,000 1,008,000 1,792,000 302.400 907.200 1.596,000 13.33/25 Prepare all necessary journal entries for 2021. (Use Materials. Cash. Payables for costs incurred to date.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit 476000 Materials, Cash, Payables 476.000 (To record cost of construction) Accounts Receivable 1,008,000 Contract Asset/ability 1,008,000 (To record progress billings) Cash 907.200 Accounts Receivable 907200 (To record collections) Cash 907,200 Accounts Receivable 907 200 (To record collections) 151 200 Cost of Goods Sold 476,000 (To record revenues) Revenue from Long-Term Contracts 476.000 Revenue from Long-Term Contracts 476,000 (To record construction expenses) * Your answer is incorrect. Calculate the amount of gross profit to be recognized each year, assuming the completed contract method is used. (Do not leave any answer field blank. Enter o for amounts. Enter negative amounts using either a negative sign preceding the number e.3.-45 or parentheses e.g. (45)) 2020 2021 2022 Gross profit/(loss) $ 448,000 $ 476,000 $ 274.400