view PUllies Current Attempt in Progress Buffalo Construction Company uses the percentage-of-completion method of accounting. In 2020, Buffalo began work under contract #E2-D2, which provided for a contract price of $2,161,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 2021 $636,400 $1,435,000 954,600 -0- 417,000 2,161,000 345,000 1,519,000 What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Revenue recognized in 2021 $ e Textbook and Media List of Accounts Assuming the same facts as those above except that Buffalo uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2021? Revenue recognized in 2021 $ e Textbook and Media List of Accounts Prepare a complete set of journal entries for 2020 (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 for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit (To record cost of of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) e Textbook and Media List of Accounts