Pina Construction Company uses the percentage-of-completion method of accounting. In 2020, Pina began work under contract #E2-D2, which provided for a contract price of $2,158,000. Other details follow:

		2020		2021
Costs incurred during the year		$648,400		$1,429,000
Estimated costs to complete, as of December 31		972,600		0
Billings during the year		426,000		2,158,000
Collections during the year		343,000		1,513,000

(a)

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

Revenue recognized in 2020		$
Revenue recognized 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?

Revenue recognized in 2021:

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