Wildhorse Enterprises Ltd, has entered into a contract beginning in February 2023 to build two warehouses for Indigo Structures Ltd. The contract is a non-cancellable fixed-price contract for $10 miltion. The following data pertain to the construction period (all figures in thousands), The construction industry has experienced significant expansion, making construction materials and labour more costly than originally estimated. Wildhorse finds it extremely difficult to estimate the costs to complete construction and therefore difficult to estimate the percentage complete. It must account for the construction project using the zero-profit method. Calculate the amount of the gross profit to be recognized each year of the contract. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number e.g.45 or parentheses e.g. (45).) Prepare the journal entries for 2023. (Use Materials, Cash, Payables for costs incurred to date) (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) (To record progress billings) Cash Accounts Receivable (To record collections) Contract Asset/iability Revenue from Long-Ferm Contracts (To record revenues) Constructionexpenses Contract Asret/inbility (To record construction expenses)