ng 2020, Pearl Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.     2020   2021   2022 Costs incurred to date   $393,900   $760,380   $1,059,000 Estimated costs to complete   616,100   341,620   –0– Billings to date   299,000   905,000   1,610,000 Collections to date   268,000   818,000   1,421,000     Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020   $enter a dollar amount  Gross profit recognized in 2021   $enter a dollar amount  Gross profit recognized in 2022   $enter a dollar amount    eTextbook and Media List of Accounts                             Prepare all necessary journal entries for 2021.

Karan

On February 1, 2023, Sandhill Contractors agreed to construct a building at a contract price of $3,460,000. The total estimated construction costs would be $1,890,000 and the project would be finished in 2025. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date 2023 Gross profit/ (loss) 689,850 1,200,150 1,100,000 1,000,000 2023 2024 573050 $1,162,000 $ 2,365,000 913,000 1,890,000 1,750,000 2025 Calculate the gross profit / (loss) that should be recognized for 2023, 2024, and 2025 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentage complete to 1 decimal place, e.g. 15.2% and final answers to O decimal places, e.g. 5,125.) 2024 -0- 3,460,000 2,950,000 -107450 $ LA 2025 40450

Swifty Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $598,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $894,000. The following data pertain to the construction period.     2020   2021   2022 Costs to date   $263,120   $412,620   $607,000 Estimated costs to complete   334,880   185,380   –0– Progress billings to date   272,000   545,000   894,000 Cash collected to date   242,000   495,000   894,000 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020   $   Gross profit recognized in 2021   $   Gross profit recognized in 2022   $   (b) Using the completed-contract method, compute the estimated…