For Year 2021 Sunland 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 $10.2 million. The following data pertain to the construction period. 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 for the amounts.) Account Titles and Explanation Debit Credit 2020 2021 2022 For Year 2020 Costs for the year $4,050,000 4,950,000 900,000 Account Titles and Explanation Debit Credit Estimated costs to complete 4,950,000 1,000,000 -0- (To record cost of construction) Progress billings for the year (non-refundable) 3,725,000 4,375,000 2,100,000 Cash collected for the year 3,285,000 4,425,000 2,490,000 (To record cost of construction) (To record progress billings) Using the percentage of completion method, calculate the percent complete for each year of the contract. 2020 2021 2022 (To record progress billings) Percent complete 45 % 90 % 100 % (To record collections) Question Part Score --/3 (To record collections) (To record revenues) 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 eg.-45 or parentheses e.g. (45).) (To record revenues) 2020 2021 2022 Gross profit/lloss) $ $ $ (To record construction expenses) (To record construction expenses)