Sunland Construction Company began work on a $417,400 construction contract in 2017. During 2017, Sunland incurred costs of $280,300, billed its customer for $216,200, and collected $176,500. At December 31, 2017, the estimated additional costs to complete the project total $162,000. Prepare Sunlands journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method.

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Brief Exercise 18-24 Your answer is partially correct. Try again. Sunland Construction Company began work on a $417,400 construction contract in 2017. During 2017, Sunland incurred costs of $280,300, billed its customer for $216,200, and collected $176,500. At December 31, 2017, the estimated additional costs to complete the project total $162,000. Prepare Sunland's journal entry to record profit or loss, if any, using (a) the percentage-of-completion 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" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit a) Construction Expenses 280,300 Construction in Process 24,900 Revenue from Long-Term Contracts 305,200 Loss from Long-Term Contracts 24,900 Construction in Process 24,900