The following information applies to questions 19-20. In 2010, McCombs Construction receives a contract to construct a new outpatient clinic for a local University hospital. The contract price is $3,000,000, and it is anticipated that it will take 3 years to complete the building. McCombs uses the percentage-of-completion method. Information related to the contract for 2010 and 2011 (i.e. the first two years of the contract) is as follows: Contract price $3,000,000 $3,000,000 Costs incurred during the year Estimated additional costs to complete Billings Collections on Billings 2010 $300,000 $1,200,000 $600,000 $500,000 2011 $700,000 $250,000 $1,200,000 $1,000,000 Costs incurred to date $300,000 ? Est. total costs $1,500,000 ? Est. total gross profit $1,500,000 ? % of completion 20.00% ? Gross profit recognized in the current period $300,000 ? Revenue recognized in the current period $600,000 ? 19. Compute the amount of gross profit that McCombs should recognize on this project for 2011. 20. Provide the four necessary journal entries related to this project for 2011