Sheridan Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.4 million beginning September 1, 2020. to build a road for a municipality. It has been estimated that the road construction will be complete by June 2022. The following data pertain to the construction period. 2020 2022 2021 $ 1.457.800 $ 656,000 1,394,000 512,200 Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date $ 2.018.000 0 2.400,000 2.400.000 708,000 1.968,000 556,000 1,851.000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the numbereg.-45 or parentheses eg. (45).) 2020 2021 2022 Gross profit/(loss) $ $ $ Using the percentage-of-completion method, prepare the journal entries for 2020 and 2021. (Use Materials, Cash, Payables for costs incurred to date) (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 Year 2020: Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) To record IL Using the percentage-of-completion method, show how the construction contract would be reported on the statement of financial position (SFP) and the income statement for the year ended December 31, 2021. SHERIDAN CONSTRUCTION INC. Partial Statement of Financial Position $ SHERIDAN CONSTRUCTION INC. Partial Income Statement $ $