Kingbird Construction Company began work on a $420,300 construction contract in 2017. During 2017, Kingbird incurred costs of $280,600, billed its customer for $213,900, and collected $173,600. At December 31, 2017, the estimated additional costs to complete the project total $163,000.

Prepare Archers journal entry to record profit or loss using (a) the percentage-of-completion method and (b) the completed-contract method, if any. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round percentage value to 2 decimal places, e.g. 52.15% and final answers to 0 decimal places, e.g. 1525.)

a) Dr. Construction Expenses

Cr. Construction in Process

Cr. Revenue from Long Term Contracts

b) Dr. Loss from Long Term Contracts

Cr. Construction in Process