Jackie Chan Construction Company began work on a $420,000 construction contract in 2008. During 2008, Chan incurred costs of $288,000, billed its customer for $215,000, and collected $175,000. At December 31, 2008, the estimated future costs to complete the project total $162,000. Prepare Chan's jour nal entry to record profit or loss using

(a) the percentage-of-completion method and

(b) the completed- contract method, if any.