Nash Construction Company uses the percentage-of-completion method of accounting. In 2020, Nash began work under contract #E2-D2, which provided for a contract price of $2,191,000. Other details follow:

		2020	2021
Costs incurred during the year		$596,440	$1,421,000
Estimated costs to complete, as of December 31		1,015,560	0
Billings during the year		412,000	2,191,000
Collections during the year		346,000	1,501,000

A. What portion of the total contract price would be recognized as revenue in 2020? In 2021?

B. 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?

C. Prepare a complete set of journal entries for 2020 (using the percentage-of-completion method)