Beck Construction Co. agreed to construct a warehouse for Vaughn Co. for a contract price of $1,200,000. Construction began in x1 and was completed in x3. Information related to costs and billings on these contract are as follows: 20x1 20x2 20x3 Costs incurred to date $200,000 $750,000 $900,000 Estimated costs to complete $600,000 $150,000 -0- Customer billings to date $300,000 $950,000 $1,200,000 Collections on billings to date $220,000 $890,000 $1,200,000 Make the required journal entries for x1 and x2 using the percentage of completion method and determine the amount of profit recognized in x3.