Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.5 million. Billings and collections are lower in 2025 by $500,000 each. The following data pertain to the construction period (all figures in thousands). 2023 2024 2025 Costs for the year $4,185 5,115 200 Estimated costs to complete 5,115 388 -0- Progress billings for the year (non-refundable) 3,860 4,540 1.100 Cash collected for the year 3,300 4,590 1,910