On February 1, 2019, Zebra Contractors agreed to construct a building at a contract price of $5,400,000. Zebra 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 Costs incurred during current period $1,500,000 $1,260,000 $1,840,000 Estimated costs to complete 2,500,000 1,840,000 -O- Customer billings during current period 2,000,000 1,800,000 1,600,000 Instructions: Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction. Prepare journal entries to record the revenue, expense and profit (loss) for the year 2019, 2020, and 2021. Prepare the closing entries at the end of 2021