Carla Vista 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 fixed price contract for $10.3 million. The following data pertain to the construction period. 2020 2021 2022 $3,600,000 4400.000 2.000.000 Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 4,400,000 2.000.000 -0. 3.275,000 3,825,000 3.200.000 2.885,000 3,875,000 3,540,000 Part 1 Your answer is partially correct. Using the percentage-of-completion method, calculate the percent complete for each year of the contract. 2020 2021 2022 Percent complete 45 %6 100 Part 2 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 es. -45 or parentheses es (451) 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 O for the amounts.) For Year 2020: Debit Credit Account Titles and Explanation (To record cost of construction) (To record progress billings) (To record collections) (To record construction expenses) For Year 2021 Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) e Textbook and Media List of Accounts Save for Later Attempts:0 of 3 used Submit. Answer Part 4 What is the balance in the Contract Asset/Liability account at December 31, 2020 and 20217 December 31, 2020 December 31, 2021 S Balance in the Contract Asset/Liability account