Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when amount is enteret Do not indent manually. If no entry is requirrd, select "No Entry" for the occount titles and enter 0 for the amounts. For costs incurred use occount Materials, Cosh, Payobles. List all debit entries before credit entries) Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used. Compute the amount of gross proft to be recognized each year, assuming the percentage-oficompletion method is used Gross profit recognized in 2025 Gross profit recognized in 2026 Gross profit recognized in 2027 During 2025 , Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2027. The following information is available