During 2020, Pearl Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.     2020   2021   2022 Costs incurred to date   $393,900   $760,380   $1,059,000 Estimated costs to complete   616,100   341,620   –0– Billings to date   299,000   905,000   1,610,000 Collections to date   268,000   818,000   1,421,000   Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.     2020   2021   2022 Gross profit   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount

During 2020, Pearl Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.

   
2020
 
2021
 
2022
Costs incurred to date
  $393,900   $760,380   $1,059,000
Estimated costs to complete
  616,100   341,620   –0–
Billings to date
  299,000   905,000   1,610,000
Collections to date
  268,000   818,000   1,421,000

 

Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.

   
2020
 
2021
 
2022
Gross profit
 
$enter a dollar amount 
 
$enter a dollar amount 
 
$enter a dollar amount 
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