F G H TOON A13 f B D E 1 (Recognition of Profit on Long-Term Contracts) During 2022, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2024. The following information is available 2 3 # Item 2022 2023 2024 4 Costs incurred to date 400,000 825,000 1,070,000 5 2 Estimated costs to complete 600,000 275,000 6 3 Billings to date 300,000 900.000 1,600,000 4 Collections to date 270,000 810,000 1,425,000 8 9 Instructions Compute the amount of gross profit to be recognized each year, 10 assuming the percentage-of-completion method is used. a. b Prepare all necessary journal entries for 2023. 11 12 13 14 15