On February 1, 2020, Pharoah Contractors agreed to construct a building at a contract price of $5,940,000. Pharoah estimated total construction costs would be $4,112,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows:

		2020		2021		2022
Total costs incurred to date		$1,542,000		$2,724,000		$4,670,000
Estimated costs to complete		2,570,000		1,816,000		-0-
Customer billings to date		2,340,000		4,112,000		5,740,000
Collections to date		2,140,000		3,640,000		5,640,000

Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2020, 2021, and 2022.

		Percentage-of-Completion Gross Profit				Completed-Contract Gross Profit
2020		$		2020		$
2021		$		2021		$
2022		$		2022		$