Exercise 6-27 During 2017, Cullumber Company started a construction ob with a contract price of $1,632,000. The job was completed in 2019. The following informations available. The contract within concert 2017 2015 Costs moted to date $108,000 $341,500 51,091,400 Estated costs to complete 612,000 280,500 0 Billings to date (non-refundable) 306,000 18.000 1,637,000 Collections to date 275,400 26,200 1,453,500 Calculate the amount of grous 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. (Us Accounts Payable for cous incurred to dote) (Credit accountries ar automatically indented when the amount the intent If no entry is required, select "No Entry for the actitles and enter for the amounts) Account Titles and Explanation Debit (To record cost curred.) Activate Windows Prepare alla mantries for 2018 (he Able to wored to deleted when the dutindent may I try select "No Entry" the countries and enter the HERE C clorado moral) (To contesto de [Torcord collection) (Trend even from long term.com) (To record collection) (To record revenue from long-term contract) (To record construction expenses Calculate the amount of gross profit to be recognized each year, assuming the completed contract method ed. (Do not leave any answer Nelet blank. Enter for mounts) 2017 2018 2019 Gross profit recognized Exercise 6-27 During 2017, Oullumber Company started a construction job with a contract price of $1,632,000. The job was completed in 2019. The following information available. The contraction camera 2017 2018 2019 Costs incurred to date $408,000 5841,500 $1,091,400 stated costs to complete 612,000 280,500 0 Bilings to date (non-refundable) 306,000 918,000 1.632,000 Collections to date 275,400 826,200 1,453,500 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 date) (Credit account titles are automatically indented when the moon is om If no entry is required, select "Ne Entry for the accounts and enter for the amounts) Account Thies and Explanation Tek Credit Torced conced) Prepare necessary Journal ones for 2018. (Uue Accounts Payable for continued to date (Crexit countiese automatically indent when the amount oferindent mai If no entry is required, select "No Intry for the account title and enter for the amounts) hunt les and wantin Cd to record cost curred) (To record cohen Torrancar com (To record over from long-term contract) Calculate the amount of gross profit to be recognized each year assuming the completed contract method is uved. (Do not leave any answer til blanter o formom.) 2017 2018 2019 Giross profit recognized