Riverbed Construction Company uses the percentage-of-completion method of accounting. In 2017, River Contact on whatsapp +923457758202

Riverbed Construction Company uses the percentage-of-completion method of accounting. In 2017, Riverbed began work under contract #E2-D2, which provided for a contract price of $2,195,000. Other details follow: 2017 2018 Costs incurred during the year $695,310 $1,404,000 Estimated costs to complete, as of December 31 921,690 –0– Billings to date 426,000 2,195,000 Collections during the year 352,000 1,475,000 What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017 $ Revenue recognized in 2018