Question 12 –/1 View Policies Current Attempt in Progress During 2020, Headland Company started a construction…

Question 12 –/1 View Policies Current Attempt in Progress During 2020, Headland 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 Estimated costs to complete $410,000 $901,180 $1,067,000 590,000 197,820 -O- 297,000 903,000 1,590,000 271,000 805,000 1,434,000 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 $ e Textbook and Media List of Accounts 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 (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) e Textbook and Media List of Accounts Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 – 2021_ Gross profit $ e Textbook and Media List of Accounts