Your answer is partially correct. Ivanhoe Windows manufactures and sells custom storm windows for three-season porches. Ivanhoe also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Ivanhoe enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,490 and chooses Ivanhoe to do the installation. Ivanhoe charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $590. The customer pays Ivanhoe $1,950 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Ivanhoe completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Ivanhoe in 2020. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Round answer to decimal places, 15 5.125) Date Account Titles and Explanation Debit Credit 0 2020 NoEntry No Entry (To record contract entered into) Cash 1950 1.2020 Question 8 of 10 -/1 View Policies Current Attempt in Progress During 2020, Kingbird Company started a construction job with a contract price of $1.580,000. The job was completed in 2022. The following information is available. 2020 2021 2022 $424,200 $820.500 $1.077.000 Costs incurred to date Estimated costs to complete 585,800 273.500 -0- Billings to date 297.000 894.000 1.580.000 Collections to date 273.000 816,000 a) Compute the amount of gross profit to be recognized each year, assuming the percentage of completion method is ned Gross art recorded in 2020 5 Gross profit recognized in 2021 5 Gross protected in 2002 5 Textbook and Media M G 60 Clear