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Question 17 During 2020, Marigold Company started a construction job with a contract price of...

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Accounting

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Question 17 During 2020, Marigold Company started a construction job with a contract price of $1.620.000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date Estimated costs to complete $383,800 626,200 300,000 $850,200 239,800 899,000 $1,074,000 -0- Billings to date Collections to date 1,620,000 267,000 816,000 1,429,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in 2021 $ Gross profit recognized in 2022 Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required Entry" for the account titles and enter 0 for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit (To record cost of construction.) (To record progress bilings.) (To record collections.)

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