Based onExercise 18-33

During 2020, Kingbird 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 Deliverables: Using Excel: 1. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.Use an analysis format (see solution for the textbook exercises)to show your work;use appropriate formulas to link your data and calculations. 2.Prepare journal entries for all 3years. 3.Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.