How do show extracts from the statement of profit

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Reference no: EM132692671

Haggrun Co has two contracts in progress, the details of which are as follows:

Happy (profitable) Grumpy (loss-making)

000 000

Total contract Revenue 300 300

Costs incurred to date 90 150

Estimated costs to completion 135 225

Payments invoiced and received 116 116

Haggrun Co measures satisfaction of performance obligation based on percentage of work certified as complete.

Required:

Problem 1: Show extracts from the statement of profit or loss and other comprehensive income and the statement of financial position for each contract, assuming they are both:

a) 40% complete

b) 36% complete

Reference no: EM132692671

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