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Teal, Inc. began work on a $6,550,000 contract in 2020 to construct an office building....

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Accounting

Teal, Inc. began work on a $6,550,000 contract in 2020 to construct an office building. During 2020, Teal, Inc. incurred costs of $1,817,440, billed its customers for $1,316,000, and collected $1,039,000. At December 31, 2020, the estimated additional costs to complete the project total $3,094,560. Prepare Teals 2020 journal entries using the percentage-of-completion method.

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