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Sunland Construction Company uses the percentage-of-completion method of accounting. In 2025, Sunland began work under contract #E2-D2, which provided for a contract price of $2,195,000. 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 $695,310 921,690 426,000 352,000 2026 $1,404,000 -0- 1,675,000 1,475,000 What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.)

What portion of the total contract price would be recognized as revenue in 2025 ? In 2026 ? (Do not round intermediate calculations.) Revenue recognized in 2025 Revenue recognized in 2026 Assuming the same facts as those above except that Sunland 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 (To record progress billings.) (To record collections.) (To recognize revenue.) Prepare a complete set of journal entries for 2025 (using the percentage-of-completion method). (Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For costs incurred use account Materials, Cash, Payables, List all debit entries before credit entries.) Sunland Construction Company uses the percentage-of-completion method of accounting In 2025, Sunland began work under contract \#E2-D2, which provided for a contract price of \$2,195,000. Other details follow: What portion of the total contract price would be recognized as revenue in 2025? in 2026? (Do not round intermediate calculations)

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