During 2017, Cullumber Company started a construction job with a contract price of $1,984,000. The job was completed in 2019. The following information is available. The contract is non-cancellable. Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date 2017 2018 2019 $496,000 $1,023,000 $1,326,800 744,000 341,000 0 372,000 1,116,000 1,984,000 334,800 1,004,400 1,767,000 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. 2017 2018 2019 Gross profit recognized $ $ $ Prepare all necessary journal entries for 2018. (Use Accounts Payable for costs incurred to date.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Contract Asset/Liability (To record cost incurred.) Accounts Receivable Contract Asset/Liability (To record billings to date.) Cash Accounts Receivable (To record collection.) Contract Asset/Liability Revenue from Long-Term Contracts (To record revenue from long-term contract.) Construction Expenses Contract Asset/Liability (To record construction expenses.) Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used. (Do not leave any answer field blank. Enter 0 for amounts.) 2017 2018 2019 Gross profit recognized $ $ $