Sunland Construction Company uses the percentage-of-completion method of accounting. In 2025, Sunland began work under contract #E2-D2, which provided for a contract price of $2,195,000. Other details follow:
2025 2026
Costs incurred during the year $695,310 $1,404,000
Estimated costs to complete, as of December 31 921,690 -0-
Billings during the year 426,000 1,675,000
Collections during the year 352,000 1,475,000
(a)
What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.)
Revenue recognized in 2025 $
Revenue recognized in 2026 $