Sunland 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 $9.5 million. The following data pertain to the construction period (all figures in thousands).

		2020		2021		2022
Costs for the year		$3,555		4,345		1,800
Estimated costs to complete		4,345		1,975		-0-
Progress billings for the year (non-refundable)		3,230		3,770		3,000
Cash collected for the year		2,845		3,820		3,335

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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

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List of Accounts

What is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021?

		December 31, 2020		December 31, 2021
Balance in the Contract Asset/Liability account		$enter a dollar amount		$enter a dollar amount

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List of Accounts

Show how the construction contract would be reported on the SFP and the income statement for the year ended December 31, 2021. (List Current assets in order of liquidity. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

SUNLAND ENTERPRISES LTD. Partial Statement of Financial Position choose the accounting period Quarter Ended December 31, 2021Month Ended December 31, 2021December 31, 2021
select an opening section name Current AssetsIntangible AssetsCurrent LiabilitiesLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item		$enter a dollar amount
enter a balance sheet item		enter a dollar amount

SUNLAND ENTERPRISES LTD. Partial Income Statement choose the accounting period Year Ended December 31, 2021Quarter Ended December 31, 2021Month Ended December 31, 2021
enter an income statement item		$enter a dollar amount
enter an income statement item		enter a dollar amount
select a summarizing line for this part of the income statement RevenuesOperating ExpensesDividendsNet Income / (Loss)Income from OperationsExpensesOther Expenses and LossesGross Profit / (Loss)Total ExpensesTotal Revenues		$enter a total amount

eTextbook and Media

List of Accounts

Assume that Sunland uses the zero-profit or completed-contract method. What would be the journal entry recorded on December 31, 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount