• LIST OF ACCOUNTS
• Accounts Payable
• Accounts Receivable
• Advertising Expense
• Allowance for Doubtful Accounts
• Allowance for Sales Returns and Allowances
• Cash
• Commission Expense
• Commission Revenue
• Compensation Expense
• Consignment Sales
• Construction Expenses
• Contract Asset/Liability
• Cost of Goods Sold
• Estimated Inventory Returns
• Interest Expense
• Interest Income
• Interest Payable
• Interest Receivable
• Inventory
• Inventory on Consignment
• Loss from Long-Term Contracts
• Materials, Cash, Payables
• Miscellaneous Expense
• No Entry
• Notes Receivable
• Office Expense
• Refund Liability
• Rent Revenue
• Returned Inventory
• Revenue from Consignment Sales
• Revenue from Long-Term Contracts
• Sales Discounts
• Sales Discounts Forfeited
• Sales Returns and Allowances
• Sales Revenue
• Service Revenue
• Unearned Rent Revenue
• Unearned Revenue
• Utilities Expense
• Warranty Expense
• Warranty Liability
• Warranty Revenue

During 2020. Pharoah Company started a construction job with a contract price of $1,728,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2020 2021 2022 $432,000 $891,000 $1,155,600 648,000 297,000 0 Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date 324,000 972,000 1.728.000 291,600 874.800 1,539,000 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit/(loss) $ $ $ 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 (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used. (Do not any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) 2020 2021 2022 Gross profit/(loss) $ $ $