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