Turner, Inc. began work on a £7,000,000 contract in 2015 to construct an office building. During 2015, Turner, Inc. incurred costs of £1,700,000, billed its customers for £1,200,000, and collected £960,000. At December 31, 2015, the estimated future costs to complete the project total £3,300,000. Prepare Turner’s 2015 journal entries using the percentage-of-completion method.