Sable Construction, Inc. entered into a contract beginning on January 1, 2020 to construct a building. The sale price of the building is set at $1,000,000. Sable estimates the project will cost $800,000 to complete, and estimates construction will be completed in four years. The project was completed on December 31, 2023, at which time title to the building was transferred to the buyer. The following information is available for the construction project: 2020 Costs to date $470,000 Estimated costs to complete $330,000 Progress billings to date $150,000 Collections to date $140,000 2021 $670,000 $130,000 $500,000 $450,000 2022 $750,000 $150,000 $700,000 $600,000 2023 $940,000 $ ---- $1,000,000 $1,000,000 REQUIRED: 1. Using the percentage-of-completion method, calculate the estimated gross profit (income) that Sable should recognize during each year of the construction period. Using the completed-contract method, calculate the estimated gross profit (income) that Sable should recognize during each year of the construction project. 3. Prepare the journal entries that Sable should record pertaining to this project for the year 2022, using the percentage-of-completion method