Prepare adjusting Journal Entries for the year ended Dec 31, 2015.

The job is a residential order made directly with a homeowner for a total contract price of $36,800 to construct a 40-foot maple decoration wall from the basement to the ceiling along the stairs. The contract price includes installation. The customer paid a $9,000 deposit on November 25, 2015. The job is expected to be completed by March 31, 2016.

Since this project is highly customized, no company other than ABC can perform the installation. The costs incurred to date total $8,400, and the estimated costs to complete are $14,600. Rob has recorded the $9,000 payment received as revenue and $8,400 as cost of goods sold for 2015.