= Oriole 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 food price contract for $9.2 million. The following data pertain to the construction period (alt figures in thousands) Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2020 $3,420 4.180 3,095 2.725 2021 4180 1.900 3.605 3.655 2022 1,800 0 2.500 2.820 Using the percentage of completion method, calculate the percent complete for 2020 and 2021 2020 2021 Percent complete e Textbook and Media Calculate the amount of revenue to belrecognized in 2020 and 2021. 2020 2021 Revenue recognized $ $ eTextbook and Media List of Accounts Calculate the construction costs to be expensed in 2021. Construction costs $ 1 e Textbook and Media List of Accounts Prepare the journal entry at December 31, 2021, to record long-term contract revenues, expenses, and losses for 2021. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit I What is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021? December 31, 2020 December 31, 2021 Balance in the Contract Asset/Liability account eTextbook and Media List of Accounts Show how the construction contract would be reported on the SFP and the income statement for the year ended December 31, 2021. (List Current assets in order of liquidity, Enter negative amounts using elther a negative sign preceding the number eg -45 or parentheses eg. (45)) ORIOLE ENTERPRISES LTD. Partial Statement of Financial Position $ ORIOLE ENTERPRISES LTD. Partial income Statement Textbook and Media List of Accounts Assume that Oriole uses the zero-profit or completed-contract method. What would be the journal entry recorded on December 31, 2021? (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Credit Debit e Textbook and Media List of Accounts