Sunland Construction Company uses the percentage-of-completion method of accounting. In 2020, Sunland began work under contract #E2-D2, which provided for a contract price of $2,224,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 2021 $644,800 $1,417,000 967,200 -0- 424,000 2,224,000 351,000 1,519,000 X Your answer is incorrect. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ 1490080 Revenue recognized in 2021 $ 733920 Prepare a complete set of journal entries for 2020 (using the percentage-of-completion method). (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. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 644800 Cash 644800 (To record cost of of construction.) Contract Asset 424000 Billings on Construction in Process 424000 (To record progress billings.) Cash 351000 Contract Asset 351000 (To record collections.) Construction in Process 424000 Construction Expenses 644800 Revenue from Long-Term Contracts 1490080 (To recognize revenue.)