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Sunland Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bramble Structures Ltd. The contract is a
Sunland Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bramble Structures Ltd. The contract is a non-cancellable fixed-price contract for $10.0 million. The following data pertain to the construction period (all figures in thousands). 2023 2024 2025 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 Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, eg. 52%) Percent complete 2023 2024 2025 % %
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