During 2020, Sheridan Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available.     2020   2021   2022 Costs incurred to date   $396,000   $806,600   $1,080,000 Estimated costs to complete   594,000   283,400   –0– Billings to date   301,000   892,000   1,590,000 Collections to date   268,000   816,000   1,427,000     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

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Q: percentage-of-completion method

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