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

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Accounting

Pharoah Construction Company uses the percentage-of-completion method of accounting. In 2025, Pharoah began work under contract #E2-D2, which provided for a contract price of $2,176,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2025 $698,750 926,250 425,000 355,000 2026 $1,448,000 -0- 1,656,000 1,508,000
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Pharoah Construction Company uses the percentage-of-completion method of accounting. In 2025, Pharoah began work under contract \#E2-D2, which provided for a contract price of $2,176,000. Other details follow: Assuming the same facts as those above except that Pharoah 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 What portion of the total contract price would be recognized as revenue in 2025 ? In 2026? (Do not round intermediate calculations.) Revenue recognized in 202.5 Revenue recognized in 2026

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