Ivanhoe 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 $10.5 million. The following data pertain to the construction period (all figures in thousands). 2020 2021 2022 Costs for the year Estimated costs to complete $3.870 4,730 2,100 -0- Progress billings for the year (non-refundable) Cash collected for the year 4,730 2,150 3,545 4,155 2.800 3.125 4,205 3,170 Using the percentage-of-completion method, calculate the percent complete for 2020 and 2021. 2020 Percent complete 2021 96