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Turner Inc. began work on a $7,000,000 contract in 2012 to construct an office building....

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Accounting

Turner Inc. began work on a $7,000,000 contract in 2012 to construct an office building. During 2012, Turner Inc., incurred costs of $1,700,000, billed its customers for $1,200,000, and collected $960,000. At Dec. 31,2012, the estimated future costs to complete the project total $3,300,000. Prepare Turners's 2012 journal entries using the percentage of completion method.

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