During $2025,$ Sunland Company started a construction job with a contract price of $$1,610,000.$ The job was completed in $2027.$ The Account Titles and Explanation

Construction in Process

$($To record cost of construction.$)$

Billings on Construction in Process

$($To record progress billings.$)$

$($To record collections.$)$

Revenue from Long$-$Term Contracts

following information is available.

$($a$)$

Your answer is correct.

Compute the amount of gross profit to be recognized each year, assuming the percentage$-$of$-$completion method is used.

Gross profit recognized in $2025,$$

Gross profit recognized in $2026,$$

Prepare all necessary journal entries for $2026.$