Blossom Construction Company uses the percentage-of-completion method of accounting. In 2020, Blossom began work under contract with a contract price of $1,500,000. Other details follow: 2020 2021 Costs incurred to date $972,900 $1,370,000 437,100 -0- Estimated costs to complete, as of December 31 Billings to date 812,900 1,500,000 Collections to date 220,000 1,500,000 (a) Your answer is correct. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ 1035000 Revenue recognized in 2021 $ 465000 Assuming the same facts as those above except that Blossom 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 $ 1500000 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 construction.) (To record progress billings.) (To record collections.)