Question: Turner Inc. began work on a $7,000,000 non-cancellable contract in 2017 to construct an office building. During 2017, Turner Inc. incurred costs of $1,700,000, billed

Turner Inc. began work on a $7,000,000 non-cancellable contract in 2017 to construct an office building. During 2017, Turner Inc. incurred costs of $1,700,000, billed its customers for $1,200,000 (non-refundable), and collected $960,000. At December 31, 2017, the estimated future costs to complete the project total $3,300,000. Prepare Turner's 2017 journal entries using the percentage-of-completion method.

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