Ivanhoe Enterprises Ltd, has entered into a contract beginning in February 2023 to build two warehouses for Kingbird Structures Ltd. The contract is a non-cancellable fixed-price contract for $10.5 million. Billings and collections are lower in 2025 by $500.000 each. The following data pertain to the construction period (all figures in thousands). Assume that lvanhoe uses the zero-profit or completed-contract method. What would be the journal entry recorded on December 31, 2024? (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 O for the amounts. List debit entry before credit entry)