Wildhorse 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). 2021 2022 600 2020 $4,185 5.115 3,860 3,405 Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year -0- 5,115 700 4,540 4,590 1,300 1,705 * Your answer is incorrect. Calculate the construction costs to be expensed in 2021. Construction costs $ 673185 Your answer is partially correct. 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 O for the amounts.) Account Titles and Explanation Debit Credit Construction Expenses -673185 Contract Asset/Liability -5329185 Revenue from Long-Term Contracts 4656000 X Your answer is incorrect. 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 $ 4361140 $ 9690900 Your answer is partially correct. Assume that Wildhorse 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 Ofor the amounts.) Account Titles and Explanation Debit Credit Construction Expenses 9690000 Contract Asset/Liability 9690000