During 2014, Nilsen Company started a construction job with a contract price of $1,795,000. The job was completed in 2016. The following information is available. 2014 2015 2016 2014 2015 2016 Costs incurred to date $361,120 $787,670 $1,105,000 Estimated costs to complete 614,880 291,330 ?0? Billings to date 292,700 899,200 1,795,000 Collections to date 234,700 816,500 1,411,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Prepare all necessary journal entries for 2015 (To record cost of of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used
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