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Your answer is partially correct. Try again. Archer Construction Company began work on a $420,000 construction contract in 2017. During 2017, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At December 31, 2017, the estimated additional 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 completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round percent value to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit (a) Construction Expenses Construction in Process