During 2020 AFCO started a construction job with a contract price of $2,500,000. The job was completed in 2022. The following information is available 202020212022 Costs incurred to date$ 600,000$1,435,000$2,100,000 Estimated costs to complete$1,400,000$615,000$0 Billings to date$100,000$500,000$2,500,000 Collections to date$100,000$300,000$2,000,000 (a) Compute the amount of gross profit to be recognized each year assuming the percentage-of completion method is used.(b) Prepare all necessary journal entries for 2021. (c) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 202020212022Contract price Costs: Costs to date Estimated costs to complete Total estimated profit Percentage completed to date Total gross profit recognized Less: Gross profit recognized in previous years Gross profit recognized in current year