Exercise 6-38 (Part Level Submission) Sandhill 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 (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2020 $3,840 4,645 3,460 3,140 2021 4,645 1,235 4,140 4,190 2022 1,165 -0- 2,700 2,970 The construction industry has experienced significant expansion, making construction materials and labour more costly than originally estimated. Sandhill finds it extremely difficult to estimate the costs to complete construction and therefore difficult to estimate the percent complete. It must account for the construction project using the zero-profit method. (a) Your answer is partially correct. Try again. Calculate the amount of the gross profit to be recognized each year of the contract. (Do not leave any answer field blank. Enter o for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit / (loss) 0 0