Turner, Inc. began work on a $7,000,000 contract in 2020 to construct an office building. During 2020, Turner, Inc. incurred costs of $1,700,000, billed its customers for $1,200,000, and collected...

Turner, Inc. began work on a $7,000,000 contract in 2020 to construct an office building. During 2020, Turner, Inc. incurred costs of $1,700,000, billed its customers for $1,200,000, and collected $960,000. At December 31, 2020, the estimated additional costs to complete the project total $3,300,000. Prepare Turner's 2020 journal entries using the percentage-of-completion method.