Question: The construction industry has experienced significant expansion, making construction materials and labour more costly than originally estimated. Carla Vista finds it extremely difficult to estimate

The construction industry has experienced significant expansion, making construction materials and labour more costly than originally estimated. Carla Vista 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.What will be the journal entry for revenue for 2024 and 2025 with calculations

Carla Vista Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Pharoah Ltd. The contract is a non-cancellable fixed-price contract for $10 million. The following data pertain to the construction p figures in thousands). 2023 2024 2025 Costs for the year $3,820 4,655 1,190 Estimated costs to complete 4,655 1,260 -0- Progress billings for the year (non-refundable) 3,40 4,200 2,590 Cash collected for the year 3,190 4,250 2,760

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