Question: During 2 0 2 5 , Crane Company started a construction job with a contract price of $ 1 , 6 2 0 , 0

During 2025, Crane Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available.
Costs incurred to date; 2025- $430,0002026- $819,7502027- $1,071,000
Estimated costs to complete; 2025-570,0002026-273,2502027-0
Billings to date; 2025-301,0002026-895,0002027-1,620,000
Collections to date; 2025-272,0002026-807,0002027-1,433,000
Prepare all necessary journal entries for 2026.
Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used

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