The Nick Construction Company uses the percentage completion method to record long-term contracts. He began building a warehouse for $3,050,000 with the following details
	2019	2020	2021
Costs incurred to date	300,000	900,000	1,600,000
Estimated Costs to complete	1,200,000	700,000	0
Billings to date	250,000	800,000	2,000,000
Collections to date	175,000	700,000	2,000,000

Determine the amount of gross profit/loss that Nick Construction Company will recognize in the years 2019 through 2021, using the percentage-of-completion method. The contract was completed in the year 2021.

Prepare ALL journal entries related to this construction project for the years 2019 and 2020 only under the percentage of completion method.