Sheffield, Inc. began work on a $$7,016,000$ contract in $2020$ to construct an office building. During $2020,$ Sheffield, Inc. incurred costs of $$1,798,560,$ billed its customers for $$1,125,000,$ and collected $$910,000.$ At December $31,2020,$ the estimated additional costs to complete the project total $$3,197,440.$

Prepare Sheffield$$s $2020$ journal entries using the percentage$-$of$-$completion method.

Please demonstrate method as well as answers