Ivanhoe Construction Company uses the percentage-of-completion method of accounting. In 2025, Ivanhoe began work under contract #E2-D2, which provided for a contract price of $2,237,000. Other details follow: 2025 2026 Costs incurred during the year $616,740 $1,441,000 Estimated costs to complete, as of December 31 1,006,260 -0- Billings during the year 414,000 1,717,000 Collections during the year 352,000 1,508,000 (a) Your answer is correct. What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.) Revenue recognized in 2025 +A $ 850060 Revenue recognized in 2026 $ 1386940 * Your answer is incorrect. Assuming the same facts as those above except that Ivanhoe uses the cost-recovery method of accounting, what portion of the total contract price would be recognized as revenue in 2026? Revenue recognized in 2026 +A $ 2237000