Spot-On Contractors, Inc. provided the following information for the current year's construction activity.

Contract price ..........................................................................    $170,000

                                                                                                               2018

Actual construction costs incurred during the year ............    $ 24,000

Estimated costs to complete .................................................        96,000

Estimated total costs ..............................................................      120,000

Progress billings made during the year ...............................        61,000

Cash collections during the year ...........................................       50,000

Prepare the journal entries required to record Spot-On's construction activity assuming that the company uses the completed-contract method.