Archer Construction Company began work on a $420,000 construction contract in 2019. During 2019, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At December 31, 2019, the estimated additional costs to complete the project total $162,000. Prepare Archer's journal entry to record profit or loss, if any, using the percentage-of-completion method.