List of Accounts:

• Accounts Payable
• Accounts Receivable
• Advertising Expense
• Allowance for Doubtful Accounts
• Allowance for Sales Returns and Allowances
• Cash
• Commission Expense
• Commission Revenue
• Compensation Expense
• Consignment Sales
• Construction Expenses
• Contract Asset/Liability
• Cost of Goods Sold
• Estimated Inventory Returns
• Interest Expense
• Interest Income
• Interest Payable
• Interest Receivable
• Inventory
• Inventory on Consignment
• Loss from Long-Term Contracts
• Materials, Cash, Payables
• Miscellaneous Expense
• No Entry
• Notes Receivable
• Office Expense
• Refund Liability
• Rent Revenue
• Returned Inventory
• Revenue from Consignment Sales
• Revenue from Long-Term Contracts
• Sales Discounts
• Sales Discounts Forfeited
• Sales Returns and Allowances
• Sales Revenue
• Service Revenue
• Unearned Rent Revenue
• Unearned Revenue
• Utilities Expense
• Warranty Expense
• Warranty Liability
• Warranty Revenue

Oriole 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 $9.7 million. The following data pertain to the construction period (all figures in thousands). 2020 2021 2022 Costs for the year $3,915 4,785 1,200 Estimated costs to complete 4.785 1,300 -0- Progress billings for the year (non-refundable) 3,590 4,210 1,900 Cash collected for the year 3,165 4,260 2,275 Using the percentage-of-completion method, calculate the percent complete for 2020 and 2021. 2020 2021 Percent complete 45 % 87 Calculate the amount of revenue to be recognized in 2020 and 2021. 2020 2021 Revenue recognized $ $ 4,365.000 $ 4,074,000 Calculate the construction costs to be expensed in 2021. Construction costs $ $ 4.785.000 Prepare the journal entry at December 31, 2021, to record long-term contract revenues, expenses, and losses for 2021. (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 for the amounts.) Account Titles and Explanation Debit Credit Contract Asset/Liability 4,074,000 Loss from Long-Term Contracts 4.626.000 Construction Expenses 8.700.000