A Construction Company has entered into a contract to build an apartment complex for $$3,500,000.$ This complex will be built in the current year, and the total estimated cost will be $$2,750,000.$ The costs to date for the project are $$1,250,000$ and the remaining cost is $$1,500,000.$ Calculate the percentage of completion.

$1,250,\frac{000}{2},\frac{m}{m}50,000100=45\mathrm{.}45\%$

Complete the journal entry to record the current costs of construction.

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