Waterway Construction Company uses the percentage-of-completion method of accounting. In 2017 Waterway began work under contract E2-02, 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 to date Collections during the year 2017 2018 $695,310 1,404,000 921,690 426,000 2,195,000 352,000 1,475,000 What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017 Revenue recognized in 2018 s SHOW LIST OF ACCOUNTS SHOW SOLUTION Assuming the same facts as those above except that Waterway uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2018? Revenue recognized in 2018 w souu Prepare a complete set of journal entries for 2017 (using the percentage-of-completion method) (Credit account 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 O for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanatiorn Debit Credit To record cost of of construction.) To record progress bilings.) (To record collections.) (To recognize revenue.)