Concord, Inc. began work on a $6,466,000 contract in 2017 to construct an office building. During 2017, Concord, Inc. incurred costs of $1,547,340, billed its customers for $1,085,000, and collected $1,013,000. At December 31, 2017, the estimated additional costs to complete the project total $3,003,660. Prepare Concords 2017 journal entries using the percentage-of-completion method.