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Grouper Construction Company began work on a $402,000 construction contract in 2020. During 2020, Grouper...

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Accounting

Grouper Construction Company began work on a $402,000 construction contract in 2020. During 2020, Grouper incurred costs of
$297,000, billed its customer for $205,500, and collected $182,500. At December 31,2020, the estimated additional costs to
complete the project total $160,120.
Prepare Grouper'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 required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g.
5,275.
No. Account Titles and Explanation
Debit
Credit
(a) Construction Expenses
Construction in Process
Revenue from Long-Term Contracts
(b) Loss from Long-Term Contracts
Construction in Process
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