Marin Construction Company began work on a $424,000 construction
contract in 2020. During 2020, Marin incurred costs of $279,500,
billed its customer for $204,500, and collected $170,500. At
December 31, 2020, the estimated additional costs to complete the
project total $150,500. Prepare Marin’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...