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Martinez Construction Company began work on a $418.000 construct on contract in 2017. During 2017, Martinez incurred costs of $276, 200, billed its customer for
Martinez Construction Company began work on a $418.000 construct on contract in 2017. During 2017, Martinez incurred costs of $276, 200, billed its customer for $217,000, and collected $174, 500. At December 31, 2017, the estimated additional costs to complete the prefect total $160.900. Prepare Martinez's journal entry to record profit or loss, if any, using (a) the percentage-of-complexion 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" (or the account titles and enter 0 (or the amounts.)
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