Please answer (c) with the information given

During 2020, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available. 2020 2021 2022 $825,000 Costs incurred to date Estimated costs to complete $1.070,000 275,000 -0- $400,000 600,000 300,000 270,000 Billings to date 1,600,000 900,000 810,000 Collections to date 1425,000 (a) Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ 240000 Gross profit recognized in 2021 $ 135000 Gross profit recognized in 2022 $ 155000 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 Construction in Process 425000 Materials, Cash, Payables 425000 (To record cost of construction.) Accounts Receivable 600000 Billings on Construction in Process 600000 (To record progress billings.) Cash 540000 Accounts Receivable 540000 (To record collections.) Construction Expenses 425000 Construction in Process 135000 Revenue from Long-Term Contracts 560000 (To recognize revenue.) (c) Your answer is incorrect Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit