**PLEASE USE AN EXCEL SHEET WITH FORMULAS AS WELL**

During 2021, Martinez Company started a construction job with a contract price of $1,580,000. The job was completed in 2023. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2021 $404,000 606,000 301,000 271,000 2022 $853,160 254,840 904,000 812,000 2023 $1,073,000 -0- 1,580,000 1,418,000 Instructions: 1. Complete a chart analyzing the above information showing revenue, the % of completion every year and the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. 2. Prepare all necessary journal entries for 2021, 2022, and 2023. 3. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used