Exercise 6:37 Vaughn Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable foxed 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 2020 $3,825 4,675 3,500 3,100 2021 2022 4,675 1,200 1,270 0 4.100 2.400 4,150 2.750 Using the percentage of completion method, calculate the percent complete for each year of the contract. 2020 2021 2022 Percent complete SHOW LIST OF ACCOUNTS LINK TO TEXT Calculate the amount of the gross profit to be recognized each year of the contract (Enter negative amounts using either a negative sign preceding the number e.o. 45 or parentheses e.. (05)) 2020 2021 2022 Gross profit / loss) Exercise 3-09 For each of the following, determine the expected cash flows. e.g. -15,000 or in parenthesis e.g. (15,000).) Probability Assessment 10 % Cash Flow Estimate $5,000 6,300 8,800 $5,200 8,300 9,100 $(1,200) 3,100 5,200 10 % 80 % 10 % Total Expected Value 9 6