Crane Construction Company uses the percentage$-$of$-$completion method of accounting. In $2020,$ Crane began work under contract #E$2-$D$2,$ which provided for a contract price of $$2,224,000.$ Other details follow:

$\backslash$table$[[,2020,2021],[$Costs incurred during the year,$$644,800,$$$1,417,000,,],[$Estimated costs to complete, as of December $31,967,200,-0-,,],[$Billings during the year,$424,000,2,224,000,,],[$Collections during the year,$351,000,1,519,000,,],[,,,,]]$

$($a$)$

Your answer is incorrect.

What portion of the total contract price would be recognized as revenue in $2020?$ In $2021?$

Revenue recognized in $2020$

$ Revenue recognized in $2021$

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