Martinez Construction Company began work on a $$420,000$ construction contract in $2020.$ During $2020,$ Martinez incurred costs of $$264,500,$ billed its customer for $$207,000,$ and collected $$179,500.$ At December $31,2020,$ the estimated additional costs to complete the project total $$159,650.$

Prepare Martinez$$s journal entry to record profit or loss, if any, using $($a$)$ the percentage$-$of$-$completion method and $($b$)$ the completed$-$contract method.

Please explain calculations for every step as well as account titles