Exercise 18-36 Marin Construction Company uses the percentage of completion method of accounting in 2017, Marin began work under contract E2-02, which provided for a contract price of 52,195,000. Other details follow 2017 2018 Costs incurred during the year 5695,310 $1,404,000 Estimated costs to complete, as of December 31921,690 0 Billings to date 426,000 2,195,000 Collections during the year 352,000 1,475,000 What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017 Revenue recognized in 2018 HOW LIST OF ACCOUNTS LINK TO TEXT Assuming the same facts as these above except that Marin uses the completed-contract method of accounting, what portion of the total contract price would be recognised 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 in 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 bilings.) (To record collections.)