During 2025, Wildhorse Company started a construction job with a contract price of $1,610,000. The job...

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During 2025, Wildhorse Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $434,300 $859,560 $1,073,000 Estimated costs to complete Billings to date. 575,700 242,440 -0- Collections to date 301,000 271,000 817,000 897,000 1,610,000 1.428,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 $ 258.000 Gross proft recognized in 2026 $ 138.240 Gross profit recognized in 2027 $ 140.760 SUPE Prepare all necessary journal entries for 2026. (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 O for the amounts. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.) (10 recora progress Dillings.) (To record collections.) (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used. Gross profit $ 2025 2026 $ 2027 During 2025, Wildhorse Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $434,300 $859,560 $1,073,000 Estimated costs to complete Billings to date. 575,700 242,440 -0- Collections to date 301,000 271,000 817,000 897,000 1,610,000 1.428,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 $ 258.000 Gross proft recognized in 2026 $ 138.240 Gross profit recognized in 2027 $ 140.760 SUPE Prepare all necessary journal entries for 2026. (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 O for the amounts. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.) (10 recora progress Dillings.) (To record collections.) (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used. Gross profit $ 2025 2026 $ 2027