Current Attempt in Progress Martinez Construction Company uses the percentage-of-completion method of accounting. In 2017, Martinez began work under contract E2-D2. which provided for a contract price of $2,165,000. Other details follow: 2017 2018 Costs incurred during the year $590,520 $1,409,000 Estimated costs to complete, as of December 31 1,005,480 Billings to date 428,000 2,165,000 Collections during the year 349,000 1,509,000 -0- What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017 $ Revenue recognized in 2018 $ eTextbook and Media List of Accounts Assuming the same facts as those above except that Martinez uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2018? Revenue recognized in 2018 $ Prepare a complete set of journal entries for 2017 (using the percentage-of-completion method). (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 o for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Credit (To record cost of of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) eTextbook and Media List of Accounts