Prepare a complete set of journal entries for 2020. (using the percentage-of-completion method. Use

Prepare a complete set of journal entries for 2020. (using the percentage-of-completion method. Use

Prepare a complete set of journal entries for 2020. (using the percentage-of-completion method. Use Materials, Cash, Payables for costs incurred to date.) (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 for the amounts.) Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) Ivanhoe Construction Company uses the percentage-of-completion method of accounting. In 2020, Ivanhoe began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,237,000. Other details follow: 2020 2021 Costs incurred during the year $616,740 $1,441,000 Estimated costs to complete, as at December 31 1,006,260 0 1,344,000 Billings during the year (non-refundable) 414,000 Collections during the year 352,000 1,508,000 How much revenue should be recognized in 2020 and in 2021? 2020 2021 Revenue to be recognized $

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