Shamrock Construction Company uses the percentage-of-completion method of accounting. In 2020, Shamrock began work under contract #E2-D2, which provided for a contract price of $2,156,000. Other details follow:

		2020		2021
Costs incurred during the year		$598,290		$1,421,000
Estimated costs to complete, as of December 31		1,018,710		0
Billings during the year		425,000		2,156,000
Collections during the year		357,000		1,497,000

(a)	What portion of the total contract price would be recognized as revenue in 2014? In 2015?

(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 2015?

(c)	Prepare a complete set of journal entries for 2014 (using the percentage-of-completion method).