On February 1, 2012, Marsh Contractors agreed to construct a building at a contract price of $5,400,000. Marsh estimated total construction costs would be $4,000,000 and the project would be finished in 2021. Information relating to the costs and billings for this contract is as follows: 2019 2020 2021 Total costs incurred to date $1,500,000 $2,640,000 $4,600,000 Estimated costs to complete 2,500,000 1,760,000 -0- Customer billings to date 2,200,000 4,000,000 5,600,000 Collections to date 2,000,000 3,500,000 5,500,000 Instructions Calculate gross profit for the year 2019, 2020 and 2021 assume Marsh Contractors use percentage- of-completion method. Pass necessary journal entries on the books of Marsh Contractors in 2019.