Exercise 18-36 (Part Level Submission) Pharoah Construction Company uses the percentage-of-completion method of accounting. In 2020, Pharoah began work under contract #E2-D2, which provided for a contract price of $2,243,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Bilings during the year Collections during the year 2020 2021 $658,560 $1,434,000 909,440 -0- 417,000 2,243,000 345,000 1,511,000 (a) Your answer is correct. What portion of the total contract price would be recognized as revenue in 20207 In 2021? Revenue recognized in 2020 T 4 2060 Revenue recognized in 2021 1 300940 Click If you would like to show Work for this question: Open Show Work Prepare a complete set of journal entries for 2020 (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 for the amounts. For costs incurred use account Materials, Cash, Payables.) Credit Debit 6 58560 Account Titles and Explanation Construction in Process T Cash, Parts, Labor 1 (To record cost of of construction) Accounts Receivable 6 58560 T Billings on Construction 417000 To record progress bilings.) Tcash 345000 Accounts Receivable (To record collections.) Construction in Process TConstruction Expenses T Sales Revenue 942060