Progress Blossom 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 foxed price contract for $10.2 million. The following data pertain to the construction period 2020 2021 2022 Costs for the year $3.735,000 4,565,000 1,600,000 Estimated costs to complete 4.565,000 1,700,000 Progress billings for the year (non-refundable) 3,410,000 3,990,000 2.800.000 Cash collected for the year 3.005,000 4,040,000 3,155,000