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During 2020, Pina Company started a construction job with a contract price of $1,580,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $430,000 570,000 297,000 272,000 2021 2022 $ 766,500 $1,067,000 328,500 -0- 900,000 1,580,000 817,000 1,411,000 (a) Your answer is correct Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ 249400 Gross profit recognized in 2021 $ 90100 AAAA (b) Prepare all necessary journal entries for 2021. (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 for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.)