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During 2020, Pronghorn Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $370,000 $869,790 $1,080,000 Estimated costs to complete Billings to date 630,000 302,000 267,000 231,210 900,000 804,000 -O- 1,590,000 1,415,000 Collections to date 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 $ Gross profit recognized in 2022 $ Account Titles and Explanation Debit Credit Construction in Process Materials, Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process Revenue from Long-Term Contracts Accounts Receivable To nie FOUGDU (To record collections.) Construction in Process Revenue from Long-Term Contracts Accounts Receivable (To recognize revenue.) e Textbook and Media List of Accounts Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit $