Question

# Wildhorse Construction Company uses the percentage-of-completion method of accounting. In 2020, Wildhorse began work under contract...

Wildhorse Construction Company uses the percentage-of-completion method of accounting. In 2020, Wildhorse began work under contract #E2-D2, which provided for a contract price of \$2,165,000. Other details follow:

 2020 2021 Costs incurred during the year \$590,520 \$1,409,000 Estimated costs to complete, as of December 31 1,005,480 –0– Billings during the year 428,000 2,165,000 Collections during the year 349,000 1,509,000

What portion of the total contract price would be recognized as revenue in 2020? In 2021?

 Revenue recognized in 2020 \$ Revenue recognized in 2021 \$

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