Exercise 18-33 During 2017, Concord Company started a construction job with a contract price of $1,590,000. The job was completed in 2019. The following information is available. $1,080,000 2017 $370,000 630,000 302,000 267,000 Costs incurred to date Estimated costs to complete Billings to date Collections to date 2018 $869,790 231,210 900,000 804,000 -0- 1,590,000 1,415,000 Compute the amount of gross profit to be recognized each year, assuming the percentage of completion method is used. Gross profit recognized in 2017 Gross profit recognized in 2018 Gross profit recognized in 2019 Prepare all necessary journal entries for 2018. (Credit account titles are automatically indented when amount is entered. De mot indet manually. If me entry is required, select "No Entry for the account titles and enter for the amounts. For costs incurred we act Materia, Cash Payables) Account Tities and Explanation Debit Crestit (To recordato constructen) (To record progressing.) 32 AM A A M ING 31/2010 lo search Compute the amount of gross profit to be recognized each year, assuming the completed contract method is used. 2017 2018 2019 Gross profit By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor