x Your answer is incorrect. 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) Debit Account Titles and Explanation Credit (To record cost of of construction.) (To record progress bilings.) (To record collections.) (To recognize revenue.) Coronado Construction Company uses the percentage-of-completion method of accounting. In 2020, Coronado began work under contract #E2 D2, which provided for a contract price of $2,227,000. 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 $660,240 $1,422,000 911,760 -0- 425,000 2,227,000 347,000 1,523,000 Your answer is correct. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ 935340 Revenue recognized in 2021 $ 1291660 eTextbook and Media List of Accounts