In 2013, the company entered into a contract to construct a road for a customer for $10,000,000. The road was completed in 2015. Information related to the contract is as follows:
 
2013 2014 2015
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Billings during year $ 2,000,000 $4,000,000 $4,000,000
Cash collections during year $ 1,800,000 $3,600,000 $4,600,000
Contract price $ 10,000,000 $ 10,000,000 $ 10,000,000
Cost incurred $ 2,400,000 $ 3,600,000 $2,200,000
Estimated cost to complete $ 5,600,000 $ 2,000,000 --
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The company uses the percentage-of-completion method of accounting for long-term construction contracts.
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Calculate the amount of gross profit to be recognized in each of the three years.
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Prepare a partial balance sheet for each year showing the items related to the contract.