Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2020, Hamilton began work on the construction of a hospital, which provides for a contract price of $2,195,000. Other details follow: 20XO 20X1 Costs incurred during the year 637,600 1,000,000 Total estimated cost 1,594,000 1,637,600 Billings during the year 427,000 2,195,000 Collections during the year 343,000 1,509,000 What portion of the total contract price would be recognized as revenue in 20x0? 2,195,000 878,000 1,097,500 427,000 343,000