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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
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 $2,200,000. Other details follow: (a) What portion of the total contract price would be recognized as revenue in 2020 ? In 2021 ? Revenue recognized in 2020$ Revenue recognized in 2021$ Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2021 ? Revenue recognized in 2021$ 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
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