Question: Current Attempt in Progress During 2020, Ivanhoe Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The

 Current Attempt in Progress During 2020, Ivanhoe Company started a construction

Current Attempt in Progress During 2020, Ivanhoe Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available. 2020 2021 2022 $393,900 616.100 $889,380 208,620 $1,061,000 -0- Costs incurred to date Estimated costs to complete Billings to date Collections to date 303,000 1,620,000 902,000 814,000 273,000 1,418,000 (a) 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 $

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