3. Archer Construction Company began work on a $417,000 construction contract in 2012. Archer incurred costs of $297,000, billed its customer for $260,000, and collected $190,000. At December 31, 2012, the estimated future costs to complete the project total $171,000. Required: Prepare Archers journal entry to record profit or loss using: (a) The percentage of completion method and (b) The completed contract method (if any)