View Policies Current Attempt in Progress During 2020, Whispering Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $424,200 $885,330 $1,060,000 585,800 207,670 299,000 908,000 1,590,000 273,000 819,000 1,435,000 -0- Billings to date Collections to date 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 $ 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 Debit Credit Construction in Process Materials, Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process Loss from Long-Term Contracts Revenue from Long-Term Contracts To recognize revenue.) Sunland Comp rted A Constructio Chegg.com Exercise 18-33 During 2017. com Billings on Construction in Process (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process Loss from Long-Term Contracts Revenue from Long-Term Contracts (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used 2022 2021 2020 Gross profit $