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 $10.2 million. The following data pertain to the construction period. 2020 2021 2022 Costs for the year $3,690,000 4,510,000 1,700,000 Estimated costs to complete 4,510,000 1,800,000 -0- Progress billings for the year (non-refundable) 3,365,000 3,935,000 2,900,000 Cash collected for the year 2,965,000 3,985,000 3,250,000 Using the percentage-of-completion method, calculate the percent complete for each year of the contract. 2020 2021 2022 Percent complete 45 % 87 % 100 % Part 2 Calculate the amount of the gross profit to be recognized each year of the contract. (Enter negative amounts using negative sign preceding the number eg.-45 or parentheses eg. (45).) 2020 2021 2022 Gross profit/(loss) $ 1 $ Prepare the journal entries for 2020 and 2021. (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 for the amounts.) For Year 2020: Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) Act Goto (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) For Year 2021: Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) Part 4 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 $ $ Part 5 Show how the construction contract would be reported on the SIP and the income statement for the year ended Decembe 2021. (List Current assets in order of liquidity Enter negative amounts using either a negative sin preceding the numbers. 45 or parentheses es. (451) WILDHORSE ENTERPRISES LTD. Partial Statement of Financial Position $ WILDHORSE ENTERPRISES LTD. Partial Income Statement $