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During 2020, Pharoah Company started a construction job with a contract price of $1,344,000. The job was completed in 2022 following information is available. The contract is non-cancellable. 2020 2021 2022 Costs incurred to date $336,000 $693,000 $898,800 Estimated costs to complete 504,000 231,000 o Billings to date (non-refundable) 252,000 756,000 1,344,000 Collections to date 226,800 680,400 1,197,000 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit/(loss) $ $ $ Prepare all necessary journal entries for 2021. (Use Materials, Cash, Payables for costs incurred to date.) (Credit account titles are automatically indented when the 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.) Debit Credit Account Titles and Explanation (To record cost of construction) (To record progress billings) (To record collections) (To record collections) (To record revenues) (To record construction expenses) Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used. (Do not le any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit/ (loss) $ $ $