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Current Attempt in Progress Crane 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 faced price contract for $10.6 million. The following data pertain to the construction period 2020 2021 2022 Costs for the year $3,780,000 4,620,000 1,900,000 4,620,000 2,100,000 -0- 3,455.000 4,045,000 3.100,000 Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 3.045,000 4,095,000 3,460,000 Using the percentage-of-completion method, calculate the percent complete for each year of the contract. 2022 2020 2021 90 % 100 45 %6 Percent complete Using the percentage-of-completion method, calculate the percent complete for each year of the contract. 2020 2021 2022 Percent complete 45 % 90 % 100 % --/3 Question Part Score 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.g. -45 or parentheses c.8. (45).) 2020 2021 2022 $ Gross profit/(loss) $ Prepare the journal entries for 2020 and 2021. Use Materials, Cash Payables for costs incurred to date. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) For Year 2020 Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) 20 = For Year 2021: Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress bilings) (To record collections) Question 4 of 16 - / 26 (To record collections) (To record revenues) (To record construction expenses)