Turner, Inc. began work on a $7,000,000 contract in 2012 to construct an office building. During 2012, Turner, Inc. incurred costs of $1,700,000, billed its customers for $1,200,000, and collected $960,000. At December 31, 2012, the estimated future costs to complete the project total $3,300,000. Prepare Turner"s 2012 journal entries using the percentage-of-completion method.