Assignment 2: During 2015, Nilsen Company started a construction job with a contract price of 2,200,000 costing 1,800,000. The job was completed in 2017. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2015 700,000 1,100,000 700,000 500,000 2017 1,850,000 2016 1,400,00 450,000 1,300,000 1,000,000 2,200,000 2,200,000 Instructions (a) Compute the amount of gross profit to be recognized each year, assuming the percentage of completion method is used. (b) Prepare all necessary journal entries for 2015 and 2016