plz help me out with red blanks ! Thank you Crane Enterprises Ltd....

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plz help me out with red blanks ! Thank you

Crane 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 $ 10.1 million. The following data pertain to the construction period (all figures in thousands). 2020 2021 2022 Costs for the year $ 3,780 4,620 1,900 Estimated costs to complete 4,620 2,100 -0- Progress billings for the year (non-refundable) 3,455 4,045 2,600 Cash collected for the year 3,045 4,095 2,960 Your answer is correct. Using the percentage-of-completion method, calculate the percent complete for 2020 and 2021. 2020 2021 Percent complete 45 % 80 % X Your answer is incorrect. Calculate the construction costs to be expensed in 2021. Construction costs $ 4620000 e Textbook and Media List of Accounts 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 for the amounts.) Account Titles and Explanation Debit Credit Construction Expenses 4620000 Contract Asset/Liability 1085000 Revenue from Long-Term Contracts 3535000

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