Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bonita Structures Ltd. The contract is a non-cancellable fixed-price contract for $10 million. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year (a) LA Gross profit/ (loss) $ 2023 e Textbook and Media $3,810 2023 2024 4,625 4,625 1.240 3,190 4,160 The construction industry has experienced significant expansion, making construction materials and labour more costly than originally estimated. Cullumber finds it extremely difficult to estimate the costs to complete construction and therefore difficult to estimate the percentage complete. It must account for the construction project using the zero-profit method. 2025 $ 1.170 3,470 4,110 2,520 Calculate the amount of the gross profit to be recognized each year of the contract. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) -0- 2,750 2024 $ 2025

Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bonita Structures Ltd. The contract is a non-cancellable fixed-price contract for $10 million. The following data pertain to the construction period (all figures in thousands). The construction industry has experienced significant expansion, making construction materials and labour more costly than originally estimated. Cullumber finds it extremely difficult to estimate the costs to complete construction and therefore difficult to estimate the percentage complete. It must account for the construction project using the zero-profit method. (a) Calculate the amount of the gross profit to be recognized each year of the contract. (Do not leave any answer field blank. Enter ofor amounts. Enter negative amounts using either a negotive sign preceding the number es. -45 or parentheses es. (45))