Swifty Construction Company began work on a $416,400
construction contract in 2017. During 2017, Swifty incurred costs
of $277,100, billed its customer for $215,200, and collected
$173,900. At December 31, 2017, the estimated additional costs to
complete the project total $161,000.
Prepare Swifty’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is...