Oriole Construction Company uses the percentage-of-completion method of accounting. In 2025, Oriole began work under a contract with a contract price of $1,470,000. Other details follow: 2025 2026 Costs incurred during the year $1,027,500 $1,340,000 Estimated costs to complete, as of December 31 342,500 -0- Billings during the year 827,500 1,470,000 Collections during the year 250,000 1,470,000 (a) Your answer is correct. What portion of the total contract price would be recognized as revenue in 2025? In 2026? (b) Revenue recognized in 2025 $ Revenue recognized in 2026 eTextbook and Media List of Accounts 1102500 367500 Attempts: 1 of 5 used Assuming the same facts as those above except that Oriole uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2026? Revenue recognized in 2026 $