Lark Corporation appropriately determined that each of its long-term projects represents a single performance obligation that is satisfied over time. At the end of the current year, Lark estimates that its costs to complete a project exceed the contract price, so that an overall loss on the contract is anticipated. Required: What journal entry will Lark record at the end of the current year, given the following information? Revenue to date is $350,000 ($175,000 of which is to be recognized in the current year). The expense recognized previously was $100,000. An overall loss of $30,000 is anticipated. Prepare the entry that Lark will record on December 31. (There are four account titles.)