Vaughan 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). Costs for the year 4100 5000 Estimated costs to 5000 complete Progress billings 3800 1500 Cash collected 3300 4500 1900 a) Calculate the amount of revenue to be recognized in 2020 and 2021. b) Calculate the construction costs to be expensed in 2021 0) Prepare the journal entry at December 31, 2021, to record longterm contract revenues, expenses, and losses for 2021. d) What is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021