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Purple Corporation has entered into a contract beginning in May 20X1 to build two Cinemas...

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Accounting

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Purple Corporation has entered into a contract beginning in May 20X1 to build two Cinemas for Black Screen Ltd. The contract is a non-cancellable fixed price contract for $28 million. The following data pertain to the construction period (all figures in thousands). 20X1 20x2 20X3 Costs for the year $7,250 $9,275 $5,700 10,600 6,100 -0- Estimated costs to complete Progress billings for the year (non-refundable) 6,500 12,500 9,000 Cash collected for the year 5,000 10,000 13,000 Revenue recognized on the contract in 20X1 was $11,373. The contract asset balance was $4,873. Required Using the percentage-of-completion method, calculate the revenue, expense, and construction asset/liability balances to be reported for the long-term contract in 20X2

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