Question: Sheffield, Inc. began work on a $ 7 , 0 1 6 , 0 0 0 contract in 2 0 2 0 to construct an

Sheffield, Inc. began work on a $7,016,000 contract in 2020 to construct an office building. During 2020, Sheffield, Inc. incurred costs of $1,798,560, billed its customers for $1,125,000, and collected $910,000. At December 31,2020, the estimated additional costs to complete the project total $3,197,440.
Prepare Sheffields 2020 journal entries using the percentage-of-completion method.
Please demonstrate method as well as answers

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