view Policies Current Attempt in Progress SarasotaConstruction Company uses the percentage-of-completion method of accounting. In 2020, Sarasota began work under contract #E2-D2, which provided for a contract price of $2,219,000. Other details follow: 2020 2021 Costs incurred during the year $666,960 $1,414,000 Estimated costs to complete, as of December 31 921,040 -0- Billings during the year 417,000 2,219,000 Collections during the year 355,000 1,470,000 (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 $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit