Cullumber Construction Company uses the percentage-of-completion method of accounting. In 2020, Cullumber began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,178,000. Other details follow: 2020 Costs incurred during the year Estimated costs to complete, as at December 31 Billings during the year (non-refundable) Collections during the year $706,640 899,360 420,000 352,000 2021 $1,422,000 0 1,713,600 1,481,000 How much revenue should be recognized in 2020 and in 2021? 2020 2021 Revenue to be recognized $ 958320 $ 1219680 e Textbook and Media List of Accounts Assuming the same facts as those above except that Cullumber uses the completed-contract method of accounting, how much revenue should be recognized in 2021? 2021 Revenue to be recognized $ 2178000 eTextbook and Media List of Accounts Prepare a complete set of journal entries for 2020. (using the percentage-of-completion method. Use Materials, Cash, Payables for costs incurred to date.) (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.) Account Titles and Explanation Debit Credit Construction Expenses 706640 Materials, Cash, Payables 706640 (To record cost of construction) Accounts Receivable 420000 Contract Asset/Liability 420000 (To record progress billings) Cash 352000 Accounts Receivable 352000 (To record collections) (To record revenues) Construction Expenses (To record construction expenses)