(b) Assuming the same facts as those above except that Crane uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2018?

(c) Prepare a complete set of journal entries for 2017 (using the percentage-of-completion method).

Construction in Process..................................................

Materials, Cash, Payables........................................

Accounts Receivable........................................................

Billings on Construction in Process......................

Cash...............................................

Accounts Receivable................................................

Construction in Process..................................................

Construction Expenses............................................

Revenue from Long-Term Contracts

[from (a)]

Exercise 18-36 (Part Level Submission) o k under contact # E 2 D2 Crane Construction company uses the percentage o completion method of accounting. n 20 $2,219,000. Other details follow: Crane be an hich provided or a contract te 2017 2018 Costs incurred during the year Estimated costs to complete, as of December 31 Billings to date Collections during the year $620,490 $1,429,000 970,510 428,000 2,219,000 50,000 1,471,000 What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017 Revenue recognized in 2018