Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2020, Hamilton began work under contract...

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Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2020, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow: 2020 2021 Costs incurred during the year $640,000 $1,425,000 Estimated costs to complete, as of December 31 960,000 -0- Billings during the year 420,000 2,200,000 Collections during the year 350,000 1,500,000 (a) What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Revenue recognized in 2021 $ Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2020, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow: 2020 2021 Costs incurred during the year $640,000 $1,425,000 Estimated costs to complete, as of December 31 960,000 -0- Billings during the year 420,000 2,200,000 Collections during the year 350,000 1,500,000 (a) What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Revenue recognized in 2021 $