Exercise 18-36 Bramble Construction Company uses the percentage-of-completion method of accounting. In 2017, Bramble began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings to date Collections during the year 2017 2018 $658,560 $1,408,000 909,440 -0- 421,000 2,187,000 348,000 1,527,000 What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017 # Revenue recognized in 2018 SHOW LIST OF ACCOUNTS Assuming the same facts as those above except that Bramble 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 Debit Credit (To record cost of of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.)