Hamilton Construction Company uses the percentage-of-completion method of accounting. In 20X0, Hamilton began work on the construction of a hospital, which provides for a contract price of $2,195,000. Other details follow: Costs incurred during the year Total estimated cost Billings during the year Collections during the year 20X0 20X1 637,600 1,000,000 1,594,000 1,637,600 427,000 2,195,000 343,000 1,509,000 What portion of the total contract price would be recognized as revenue in 20X0? 1,097,500 2,195,000 343,000 427,000 878,000