Sunland Enterprises Ltd$.$ has entered into a contract beginning in February $2023$ to build two warehouses for Bramble Structures Ltd$.$

The contract is a non$-$cancellable fixed$-$price contract for $$11$ 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. Sunland 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.

Calculate the amount of the gross profit to be recognized each year of the contract. $($Do not leave any answer field blank. Enter $0$ for

amounts. Enter negative amounts using either a negative sign preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$

List of Accounts

Attempts: $2$ of $5$ used

$($b$1)$

Prepare the joumal entries for $2023.($Prepare the journal entries for $2023.($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 $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

$($To record cost of construction$)$

$($To record progress billings$)$

$($To record collections$)$

$($To record revenues$)$

$($To record construction expenses$)$