Question 23 During 2020, Windsor Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $405,900 $766,500 $1,076,000 Estimated costs to complete 584,100 328,500 -0- Billings to date 300,000 893,000 1,610,000 Collections to date 267,000 809,000 1,435,000 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 5 $ 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 require "No Entry for the account tities and enter o for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings.) 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 Debat Credit (To record cost of construction) (To record progress biling) (To record collections) (To recognize revenue) Compute the amount of gross profit to be recognized each year, astuming the completed contact method is used. 2020 2021 2022 Gross profits Click if you would like to show Work for this question: Coen Show Work