Problem:
Turner, Inc. began work on a $6,885,000 contract in 2014 to construct an office building. During 2014, Turner, Inc. incurred costs of $1,679,680, billed its customers for $1,359,000, and collected $1,082,000. At December 31, 2014, the estimated future costs to complete the project total $3,569,320.
Required:
Question: Prepare Turner's 2014 journal entries using the percentage-of-completion method.
Note: Please show how to work it out.