Shock Wave, Inc. began work on a $7,000,000 contract in 2008 to construct an office building. During 2008, Shock Wave, Inc. incurred costs of $1,715,000, billed their customers for $1,200,000, and col- lected $960,000. At December 31, 2008, the estimated future costs to complete the project total $3,185,000. Prepare Shock Wave's 2008 journal entries using the percentage-of-completion method.