dont give answer in image format Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe StructuresLtd. The contract is a non-cancellable fixed-price contract for $9.5 million. Billings and collections are lower in 2025 by $500,000 each.The following data pertain to the construction period (all figures in thousands).2023Costs for the yearEstimated costs to complete5,115Progress billings for the year (non-refundable) 3,860Cash collected for the year$4,18520245,1153884,5403,300 4,5902025200-0-1,1001,910 (d)Prepare the journal entry at December 31, 2024, to record long-term contract revenues, expenses, and losses for 2024. (Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationDebitCredit

2023 2024 2025 Billing during year 3,860,000 4,540,000…

Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.5 million. Billings and collections are lower in 2025 by $500,000 each. The following data pertain to the construction period (all figures in thousands). 2023 $4,185 2024 5,115 2025 Costs for the year Estimated costs to complete 5,115 -0- Progress billings for the year (non-refundable) 3,860 4,540 1,100 Cash collected for the year 3,300 4,590 1,910 388 200

Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.5 million. Billings and collections are lower in 2025 by $500,000 each. The following data pertain to the construction period (all figures in thousands). 2023 $4,185 2024 5,115 2025 Costs for the year Estimated costs to complete 5,115 -0- Progress billings for the year (non-refundable) 3,860 4,540 1,100 Cash collected for the year 3,300 4,590 1,910 388 200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 13E: On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million....

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