Tamarisk Construction Company uses the percentage-of-completion method of accounting. In 2017, Tamarisk began work under contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow:

	2017	2018
Cost incurred during the year	$660240	$1422000
Estimated costs to complete, as of December 31	911760	0
Billings to date	425000	2227000
Collections during the year	347000	1523000

What portion of the total contract price would be recognized as revenue in 2017? In 2018?

Revenue recognized in 2017 $______________

Revenue recognized in 2018 $______________

Tamarisk Construction Company uses the percentage-of-completion method of accounting. In 2017, Tamarisk began work under contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow: Revenue recognized in 2018 $__________?

Prepare a complete set of journal entries for 2017 (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 0 for the amounts. For costs incurred use account Materials, Cash, Payables.)

Account Titles	Debit	Credit
(to record cost of construction)
(to record progress billings)
(to record collections)
(to recognize revenue)

List of accounts

Accounts Receivable Accounts Payable Advertising Expense Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Cash, Parts, Labor Commission Expense Commission Revenue Construction in Process Construction Expenses Contract Asset Contract Liability Cost of Goods Sold Cost of Installment Sales Deferred Gross Profit Delivery Expense Discount on Notes Receivable Estimated Inventory Returns Finished Goods Inventory Franchise Revenue Freight- Out Gain on Repossession Income Summary Installment Accounts Receivable Installment Sales Revenue Interest Expense Interest Revenue Inventory Inventory on Consignment Liability to Bonus Point Customers Liability to Enyart Company Liability to Werner Metal Company License Revenue Loss from Long-Term Contracts Loss on Repossession Materials, Cash, Payables No Entry Notes Receivable Operating Expenses Payable to Consignor Purchases Realized Gross Profit Repossessed Merchandise Retained Earnings Returned Inventory Revenue from Consignment Sales Revenue from Franchise Fees Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Franchise Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Warranty Revenue Warranty Expense Warranty Liability