Show Attempt History Current Attempt in Progress Cullumber Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.6 million beginning September 1, 2020, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2022. The following data pertain to the construction period. 2020 2021 2022 Costs to date $816,000 $1,664,400 $2,182,000 Estimated costs to complete 1,584,000 525,600 0 Progress billings to date (non-refundable) 860,000 2,132,000 2,600,000 Cash collected to date 716,000 2,023,000 2,600,000 Using the zero-profit method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave 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).) Gross profit/(loss) $ SA 2020 SA 2021 $ 2022 Using the zero-profit method, prepare the journal entries for 2020 and 2021. (Use Materials, Cash, Payables for costs incurred to date.) (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 O for the amounts.) For Year 2020: Account Titles and Explanation Contract Asset/Liability Accounts Payable (To record cost of construction) Accounts Receivable Contract Asset/Liability (To record progress billings) Cash Accounts Receivable (To record collections) Debit Credit