During 2020, Skysong Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available.     2020   2021   2022 Costs incurred to date   $383,800   $850,200   $1,074,000 Estimated costs to complete   626,200   239,800   –0– Billings to date   300,000   899,000   1,620,000 Collections to date   267,000   816,000   1,429,000 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 0 for the amounts. For costs incurred use account Materials, Cash, Payables.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows:    2021 2022 2023 Cost incurred during the year $ 2,100,000   $ 2,450,000   $ 2,695,000   Estimated costs to complete as of year-end   4,900,000     2,450,000     0   Billings during the year   2,200,000     2,350,000     5,450,000   Cash collections during the year   1,900,000     2,300,000     5,800,000      Westgate recognizes revenue over time according to percentage of completion.     2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred).2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred).2-c. In the journal below, complete the necessary journal entries for the year 2023…

During 2020, Grouper Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available.     2020   2021   2022 Costs incurred to date   $370,000   $869,790   $1,080,000 Estimated costs to complete   630,000   231,210   –0– Billings to date   302,000   900,000   1,590,000 Collections to date   267,000   804,000   1,415,000 (a)     Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020   $enter a dollar amount Gross profit recognized in 2021   $enter a dollar amount Gross profit recognized in 2022   $enter a dollar amount

During 2023, Sunland Company started a construction job with a contract price of $1,792,000. The job was completed in 2025. The following information is available. The contract is non-cancellable. Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date (a) 2023 2024 $448,000 $924,000 672,000 336,000 1,008,000 907,200 302.400 308,000 0000 2025 $1,198,400 0 1,792,000 1,596,000 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) nont ROOF