It states that the answer of $263,000 is not correct for construction expense and revenue from long term is not 242,990

Waterway Construction Company began work on a $403,500 construction contract in 2020. During 2020, Waterway incurred costs of $263,000, billed its customer for $209,500, and collected $172,000. At December 31, 2020, the estimated additional costs to complete the project total $160,510. Prepare Waterway'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 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit (a) Construction Expenses 263000 Construction in Process Revenue from Long-Term Contracts (b) Loss from Long-Term Contracts Construction in Process