Novak Construction Commuses the percentage-of-completion method of accounting. In 2020, Novak began work under contract #E2-D2, which provided for contract price of $2,195,000 Other details follow: 2020 2021 $637,600 $1,404,000 956,400 -0- Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 427,000 2,195,000 343,000 1.509,000 (a) Your answer is correct. What portion of the total contract price would be recognized as revenue in 2020? In 2021? $ 878,000 Revenue recognized in 2020 nized in 2021 $ 1.317,000 (b) Your answer is correct Assuming the same facts as those above except that Novak 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 $ 2.195,000 eTextbook and Media Solution List of Accounts Assistance Used Attempts: 4 of 15 used Prepare a complete set of journal for 2020 (using the percentage-of-completion method).(Credit account titles are automatically indented when amount isend. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. For costs incurred use account Materials, Cash. Payables.) Account Titles and Explanation Debit Credit Construction in Process 427000 Materials. Cash Payables 427000 (To record cost of of construction.) (To record progress billings.) II DO DE IN THE (To record collections.) to record progress bu (To record collections.) NIE I ILI (To recognize revenue.)