Show Attempt History Current Attempt in 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 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 $4,230 5,170 500 Estimated costs to complete 5.170 600 -0- Progress billings for the year (non-refundable) 3,905 4,595 1,200 Cash collected for the year 3.445 4.645 1,610 Part 1 Part 1 Your answer is correct. Using the percentage-of-completion method, calculate the percent complete for 2020 and 2021. 2020 2021 Percent complete 45 % 94 % e Textbook and Media List of Accounts Attempts: 2 of 2 used Part 2 Your answer is correct. Calculate the amount of revenue to be recognized in 2020 and 2021. 2020 2021 Revenue recognized $ 4365000 $ 4753000 e Textbook and Media List of Accounts Attempts: 2 of 2 used Part 3 * Your answer is incorrect. Calculate the construction costs to be expensed in 2021. Construction costs $ 5170000 e Textbook and Media Assistance Used e Textbook List of Accounts Save for later