prepare journal entries for year 2023,2024 and 2025

Sheridan Enterprises Ltd, has entered into a contract beginning in February 2023 to build two warehouses for Splish Structures Ltd. The contract is a non-cancellable fixed-price contract for $10 million. The following data pertain to the construction period (all figures in thousands), The construction industry has experienced significant expansion, making construction materials and labour more costly than originally estimoted. Sheridan finds it extremely difficult to estimate the costs to complete construction and therefore difficult to estimate the percentage complete. It must account for the construction project using the reso-profit method. Account Titles and Explanation Debit Credit Contruction in Prociss Materiah, Coh, Fartele (To record cost of construction) Necouts Recrivatile Brintines on Combuction in froces (10 tecord progress billings) cin Acmenti Hecrivide (To recerd collections) Controcinathiseitity Reversie from Lane leascontrists (To record reverues) Comuructionf nommet. Conectametatis: (Fo recort construction orpenses)