CullumberEnterprises 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 $9.0million. The following data pertain to the construction period (all figures in thousands).

2020 2021 2022

Costs for the year$ 3,330 4,070 1,800

Estimated costs to complete4,070 1,850- 0-

Progress billings for the year (non-refundable)3,005 3,495 3,000

Cash collected for the year2,6453,5453,310

Using the percentage-of-completion method, calculate the percent complete for 2020 and 2021.

2020 2021

Percent completeenter percentages

%enter percentages

%

Calculate the amount of revenue to be recognized in 2020 and 2021.

2020 2021

Revenue recognized$

enter a dollar amount

$

enter a dollar amount

Calculate the construction costs to be expensed in 2021.

Construction costs$

enter the Construction costs in dollars

Prepare the journal entry at December 31, 2021, to record long-term contract revenues, expenses, and losses for 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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amoun

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$

enter a dollar amount

$

enter a dollar amount

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

CULLUMBERENTERPRISES LTD.

Partial Statement of Financial Position

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Quarter Ended December 31, 2021

Month Ended December 31, 2021

December 31, 2021

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Current Assets

Intangible Assets

Current Liabilities

Long-term Liabilities

Property, Plant and Equipment

Stockholders' Equity

Total Assets

Total Current Assets

Total Current Liabilities

Total Liabilities

Total Liabilities and Stockholders' Equity

Total Long-term Liabilities

Total Property, Plant and Equipment

Total Stockholders' Equity

enter a balance sheet item

$

enter a dollar amount

enter a balance sheet item

enter a dollar amount

CULLUMBERENTERPRISES LTD.

Partial Income Statement

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Year Ended December 31, 2021

Quarter Ended December 31, 2021

Month Ended December 31, 2021

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$

enter a dollar amount

enter an income statement item

enter a dollar amount

select a summarizing line for this part of the income statement

Expenses

Total Expenses

Dividends

Other Expenses and Losses

Revenues

Income from Operations

Gross Profit / (Loss)

Net Income / (Loss)

Operating Expenses

Total Revenues

$

enter a total amount

eTextbook and Media

List of Accounts

Assume thatCullumberuses 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 0 for the amounts.)