Ting Group began work on a 7,000,000 contract in 2019 to construct an office building. During 2019,

Question:

Ting Group began work on a ¥7,000,000 contract in 2019 to construct an office building. During 2019, Ting Group incurred costs of ¥1,700,000, billed its customers for ¥1,200,000, and collected ¥960,000. At December 31, 2019, the estimated additional costs to complete the project total ¥3,300,000. Prepare Ting's 2019 journal entries using the percentage-of-completion method.