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Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2025, Hamilton began work under...

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Accounting

Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2025, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:20252026Costs incurred during the year$640,000$1,425,000Estimated costs to complete, as of December 31960,000-0-Billings during the year420,0001,680,000Collections during the year350,0001,500,000Assuming the same facts as those above except that Hamilton uses the cost-recovery method of accounting, what portion of the total contract price would be recognized as revenue in 2026?Revenue recognized in 2026$

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