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Pearl Const #E2-D2, which provided for a contract price of $2.159,000. Other details follow: 2020 2021 Costs incurred during the year $571,320 $1,446,000 Estimated costs
Pearl Const #E2-D2, which provided for a contract price of $2.159,000. Other details follow: 2020 2021 Costs incurred during the year $571,320 $1,446,000 Estimated costs to complete, as of December 31 1,015,680 -0- Billings during the year 415,000 2,159,000 Collections during the year 349,000 1,505,000 What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 777240 Revenue recognized in 2021 1381760 Assuming the same facts as those above except that Pearl 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 $
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