Current Attempt in Progress During 2020, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2022 . The following information is available. (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-ofcompletion method is used. Gross profit recognized in 2020$ Gross profit recognized in 2021$ Gross profit recognized in 2022$ 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 0 for the amounts. For costs incurred use account Materials, Cash, Payables.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used