N2

During 2020, Ivanhoe Company started a construction job with a contract price of $1,580,000, The job was completed in 2022. The following Information is available. 2020 2021 2022 Costs Incurred to date $366,300 $802.270 $1,080,000 Estimated costs to complete 623,700 296,730 -0- Billings to date 297.000 906,000 1.580,000 Collections to date 270,000 802.000 1,427,000(a) Your answer is incorrect 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 profit recognized in 2021 S Gross profit recognized in 2022