Archer Construction Company began work on a $420,000 construction contract in 2010. During 2010, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At December 31, 2010, the estimated future costs to complete the project total $162,000. Make Archer’s journal entry to record profit or loss using

(a). The percentage-of-completion method and

(b). The completed contract method, if any.