Crane Construction Company uses the percentage-of-completion method of accounting. In 2023, Crane began work under a.non-cancellable 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 at December 31 Billings during the year (non-refundable) Collections during the vear 2023 $647,600 971.400 415.000 353.000 2024 $1,405,000 1.276,800 1.523.000

Crane Construction Company uses the percentage-of-completion method of accounting. In 2023, Crane began work under a non- cancellable contract \#E2-D2, which provided for a contract price of $2,227,000. Other details follow: (b) (a) Assuming the same facts as those above except that Crane uses the completed-contract method of accounting, how much revenue should be recognized in 2024 ? How much revenue should be recognized in 2023 ? In 2024? Billings on Construction in Process 647600 Accounts Payable (To record cost of construction) Accounts Receivable Construction Expenses (To record progress billings) Cash 353000 Accounts Receivable (To record collections) Construction in Process \begin{tabular}{|l|} \hline 250400 \\ \hline \end{tabular} Construction Expenses \begin{tabular}{||r||} \hline \hline 250400 \\ \hline \hline \end{tabular} (To record revenues) Construction Expenses \begin{tabular}{|r|} \hline 890,800 \\ \hline \end{tabular} Revenue from Long-Term Contracts (To record construction expenses)