Current Attempt in Progress Cullumber Construction Company uses the percentage-of-completion method of accounting. In 2020, Cullumber began work under contract #E2-D2, which provided for a contract price of $2,191,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year (a) Your answer is incorrect. 2020 $596,440 1,015,560 2021 $1.421.000 -0- 412,000 2,191,000 346,000 596440 1,501,000 What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Tay * 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 eTextbook and Media List of Accounts Save for Later 596440 1421000 Attempts: 1 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer