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TCC Contractors received a contract to construct a mental health facility for $3,500,000. Construction began in 2020 and was completed in 2021. Costs and other data are presented below: 2021 2.500,000 2020 Cost incurred during the year 1,500,000 1,300,000 Estimated costs to complete 1,200,000 Billings during the year 1,700,000 1,800,000 Cash Collections during the year 1,000,000 Assume that TCC Contractors uses the percentage-of-completion method for revenue recognition 1. Compute the amount of gross profit recognized during 2020 and 2021. 2. Prepare all journal entries to record costs, billings, collections and profit recognition for 2020 and 2021. Round your answers to the nearest whole dollar, hnevnur answers in the text submission box