Concord Construction Company began work on a $415,000 construction contract in 2020. During 2020, Concord incurred costs of $268,500, billed its customer for $230,000, and collected $181,500. At December 31, 2020, the estimated additional costs to complete the project total $155,670. Prepare Concords journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method.

Concord Construction Company began work on a $415,000 construction contract in 2020. During 2020, Concord incurred costs of $268,500, billed its customer for $230,000, and collected $181,500. At December 31, 2020, the estimated additional costs to complete the project total $155,670. Prepare Concord's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work