Cullumber Construction Company began work on a $$400,000$ construction contract in $2025.$ During $2025,$ Cullumber incurred costs of $$257,500,$ billed its customer for $$209,500,$ and collected $$185,000.$ At December $31,2025,$ the estimated additional costs to complete the project total $$155,955.$

Prepare Cullumber's journal entry to record profit or loss, if any, using $($a$)$ the percentage$-$of$-$completion method and $($b$)$ the costrecovery method. $($Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter of for the amounts. Round answers to O decimal places, eg$.5,275.$ Ust all debit entries before credit entries. Do not round intermeciate colculations.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$

Construction Expenses

Construction in Process

Revenue from Long$-$Term Contracts

$($b$)$ Loss from Long$-$Term Contracts

Construction in Process