Sheridan Construction Company uses the percentage-of-completion method of accounting. In 2025, Sheridan began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:(a) What portion of the total contract price would be recognized as revenue in 2025? In 2026?(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 2026?(c) Prepare a complete set of journal entries for 2025 (using the percentage-of-completion method).