6. Completed-Contract Method, Journal Entries. Spot-On Contractors, Inc. provided the following information for the current year's construction activity. Contract price $170,000 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