Archer Construction Company began work on a $420,000 construction contract in 2015. During 2015, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At December 31, 2015, the estimated future costs to complete the project total $162,000. Prepare Archer’s journal entry to record profit or loss, if any, using

(a) the percentage-of-completion method and

(b) the cost-recovery method.