C) Prepare all necessary journal entries

Carla Vista Construction Company uses the percentage-of-completion method of accounting. In 2025, Carla Vista began work under contract \#E2-D2, which provided for a contract price of $2,219,000. Other details follow: (a) Your answer is correct. What portion of the total contract price would be recognized as revenue in 2025 ? In 2026? (Do not round intermediate calculations.) Revenue recognized in 2025$ Revenue recognized in 2026$ Assuming the same facts as those above except that Carla Vista uses the cost-recovery method of accounting, what portion of the total contract price would be recognized as revenue in 2026 ? Revenue recognized in 2026$