Hamilton Construction Company uses the percentage-of-completion method of accounting.

Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,459,000. Other details follow:20142015Costs incurred during the year $633,200 $1,673,000Estimated costs to complete, as of December 31 949,800 –0–Billings during the year 387,000 2,459,000Collections during the year 307,600 1,737,000(a) What portion of the total contract price would be recognized as revenue in 2014? In 2015?Revenue recognized in 2014 $Revenue recognized in 2015 $(b) Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2015?Revenue recognized in 2015 $(c) Prepare a complete set of journal entries for 2014 (using the percentage-of-completion method). (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables.)Account Titles and ExplanationDebitCredit(To record cost of of construction.)(To record progress billings.)(To record collections.)(To recognize revenue.)