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

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Crane Construction Company uses the percentage-of-completion method of accounting. In 2020, Crane began work under contract #E2-D2, which provided for a contract price of $2,224,000. Other details follow: 2020 2021 Costs incurred during the year $644,800 $1,417,000 Estimated costs to complete, as of December 31 967,200 -0- Billings during the year 424,000 2,224,000 Collections during the year 351,000 1,519,000 (a) Your answer is incorrect. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Revenue recognized in 2021 889710 1334290 Crane Construction Company uses the percentage-of-completion method of accounting. In 2020, Crane began work under contract #E2-D2, which provided for a contract price of $2,224,000. Other details follow: 2020 2021 Costs incurred during the year $644,800 $1,417,000 Estimated costs to complete, as of December 31 967,200 -0- Billings during the year 424,000 2,224,000 Collections during the year 351,000 1,519,000 (a) Your answer is incorrect. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Revenue recognized in 2021 889710 1334290

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Answer To determine the portion of the total contract price that would be recognized as revenue in 2... View the full answer