Kingbird Construction Company began work on a $420,500 construction contract in 2020. During 2020, Kingbird incurred costs of $299,000, billed its customer for $202,000, and collected $177,000. At December 31, 2020, the estimated additional costs to complete the project total $151,030. Required:
Prepare Indigo’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method.