Grouper, Inc. began work on a $6,491,000 contract in 2020 to construct an office building. During 2020, Grouper, Inc. incurred costs of $1,941,020, billed its customers for $1,138,000, and collected...

Grouper, Inc. began work on a $6,491,000 contract in 2020 to construct an office building. During 2020, Grouper, Inc. incurred costs of $1,941,020, billed its customers for $1,138,000, and collected $904,000. At December 31, 2020, the estimated additional costs to complete the project total $3,304,980.


Prepare Grouper’s 2020 journal entries using the percentage-of-completion method.