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Pina Construction Company uses the percentage-of-completion method of accounting. In 2020, Pina began work under...

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Accounting

Pina Construction Company uses the percentage-of-completion method of accounting. In 2020, Pina began work under contract #E2-D2, which provided for a contract price of $2,243,000. Other details follow:

2020

2021
Costs incurred during the year $658,560 $1,434,000
Estimated costs to complete, as of December 31 909,440 0
Billings during the year 417,000 2,243,000
Collections during the year 345,000 1,511,000

(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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