*E6.37 (LO 12) (Recognition of Profit on Long-Term Contract) Vaughn 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 million. The following data pertain to the construction period (all figures in thousands). 2020 2021 2022 3,500 Costs for the year $3,825 $4,675 $1,200 Estimated costs to complete 4,675 1,270 -0- Progress billings for the year (non-refundable) 4,100 2,400 Cash collected for the year 3,100 4,150 2,750 Instructions a. Using the percentage-of-completion method, calculate the percent complete for each year of the contract. Round the percentage completion to the nearest whole percentage point