(Answered) Problem - pronghorn inc began work on a 7579000 contract in

Accounting

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Pronghorn, Inc. began work on a $7,579,000 contract in 2017 to construct an office building. During 2017, Pronghorn, Inc. incurred costs of $1,865,850, billed its customers for $1,081,000, and collected $1,022,000. At December 31, 2017, the estimated additional costs to complete the project total $3,465,150.

Prepare Pronghorn's 2017 journal entries using the percentage-of-completion method.

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