m/courses/1964931/assignments/10428984?module_item_id=24060125 Question 12 View Policies Current Attempt in Progress During 2020, Grouper Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. Costs incurred to date 2020 2021 2022 $380,000 $847,770 $1,069,000 620,000 253,230 Estimated costs to complete Billings to date 302,000 272,000 896,000 812,000 1,610,000 1,418,000 Collections to date 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 proft recognized in 2021 Gross profit recognized in 2022 $ $ Tract andmedia MacBook Pro ourses/1964931/assignments/10428984?modulejtem id-24060125 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 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.) Try op som courses/1964931/assignments/10428984?module_item_id=24060125 Compute the amount of gross profit to be recognized each year, assuming the completed contract method is used. 2020 2021 2022 Gross profit $ eTextbook and Media List of Accounts Save for later Attempts: 0 of 10 used Submit Answer Assignment sent to Gradebook Your grade is being recorded Tue Mar 31, 2020.8-31-52 PM America/New York 0400 Next >