Question 2 of 4 - 130 = TII View Policies Current Attempt in Progress Pharoah Construction Company uses the percentage-of-completion method of accounting in 2020, Pharoah began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,176,000. Other details follow 2020 2021 $706 640 $1452.000 Costs incurred during the year Estimated costs to complete, as at December 31 Billings during the year (non-refundable) Collections during the year 899,360 0 416,000 1411.200 345,000 1.516,000 How much revenue should be recognized in 2020 and in 2021? 2020 2021 Revenue to be recognized $ $ eTextbook and Media List of Accounts Assuming the same facts as those above except that Pharoah uses the completed-contract method of accounting how much revenue should be recognized in 2021? 2021 Revenue to be recognized $ Prepare a complete set of journal entries for 2020 (using the percentage of completion method. Use Materials, Cash Payables for costs incurred to date. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Account Titles and explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) (To record revenues (To record construction expenses) e Textbook and Media -7C Most