Nash Construction Company uses the percentage-of-completion method of accounting. In 2017, Nash began work under contract #E2-D2, which provided for a contract price of $2,234,000. Other details follow:

		2017		2018
Costs incurred during the year		$615,980		$1,420,000
Estimated costs to complete, as of December 31		1,005,020		0
Billings to date		413,000		2,234,000
Collections during the year		351,000		1,530,000

(a)

What portion of the total contract price would be recognized as revenue in 2017? In 2018?

Revenue recognized in 2017		$
Revenue recognized in 2018