Current Attempt in Progress During 2020, Sweet Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $393,900 616,100 303,000 273,000 2021 2022 $889,380 $1,061.000 208,620 -0- 902.000 1,620,000 814,000 1.418,000 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 for the amounts. For costs incurred use account Materials, Cash, Poyables.) Account Titles and Explanation Debit Credit Construction in Process 495480 495480 Materials. Cash Payables (To record cost of construction.) Accounts Receivable 599000 599000 Billings on Construction in in Process (To record progress bilings.) Cash 541000 541000 Accounts Receivable (To record collections.) Construction Expenses 495480 1825BD Construction in Process 678000 Revenue from Long Term Contracts (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the completed contract method is used 2020 2021 2022 Gross profit S