Waterway Construction Company began work on a $424,000 construction contract in 2020. During 2020, Waterway incurred costs of $279,500, billed its customer for $204,500, and collected $170,500. At December 31, 2020, the estimated additional costs to complete the project total $150,500. Prepare Waterways journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method.