Ivanhoe, Inc. began work on a $6,466,000contract in 2025 to construct an office building. During 2025, Ivanhoe, Inc. incurred costs of $1,547,340, billed its customers for $1,085,000, and collected $1,013,000.

 Ivanhoe, Inc. began work on a $6,466,000contract in 2025 to construct an office building. During 2025, Ivanhoe, Inc. incurred costs of $1,547,340, billed its customers for $1,085,000, and collected $1,013,000. At December 31, 2025, the estimated additional costs to complete the project total $3,003,660.
Prepare Ivanhoe's 2025 journal entries using the percentage-of-completion method.

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