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Account Titles and Explanation Debit Credit Construction in Process 370000 Materials, Cash, Payables 370000 (To...

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Accounting

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Account Titles and Explanation Debit Credit Construction in Process 370000 Materials, Cash, Payables 370000 (To record cost of construction.) Accounts Receivable 630000 Billings on Construction in Process 630000 (To record progress billings.) | Cash 267000 Accounts Receivable 267000 (To record collections.) Construction in Process 370000 Cost of Installment Sales 218300 Revenue from Long-Term Contracts 588300 Ta rocnina MADU During 2020. Pronghorn Company started a construction job with a contract price of $ 1.590,000. The job was completed in 2022. The following information is available. Costs incurred to date 2020 2021 2022 $370,000 $869.790 $1,080,000 630,000 231,210 -O- 302,000 900,000 1.590,000 Estimated costs to complete Billings to date Collections to date 267.000 804,000 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 $ 218300 168010 Gross profit recognized in 2021 Gross profit recognized in 2022 $ $ 123690

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