Splish Construction Company uses the percentage-of-completion method of accounting. In 2020, Splish began work under...
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Splish Construction Company uses the percentage-of-completion method of accounting. In 2020, Splish began work under contract #E2-D2, which provided for a contract price of $2,170,000. Other details follow:
| 2020 | 2021 | |||
| Costs incurred during the year | $615,810 | $1,422,000 | ||
| Estimated costs to complete, as of December 31 | 963,190 | 0 | ||
| Billings during the year | 426,000 | 2,170,000 | ||
| Collections during the year | 343,000 | 1,520,000 |
(a)
What portion of the total contract price would be recognized as revenue in 2020? In 2021?
| Revenue recognized in 2020 | $ | |
| Revenue recognized in 2021 | $ |
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