Company X is executing a gigantic project of constructing the tallest building in the country. The project is expected to take three years to complete. The company has signed a fixed price contract of EUR 36m for the construction of this prestigious tower. The details of the costs incurred to date in the first year are listed below: 

Additional contract costs estimated to complete amount to EUR 16,500,000. 

Calculate the percentage of completion and the amounts of revenue, costs and profit to be recognised under IAS 11.

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Site labour costs Cost of construction material Depreciation of special plant and equipment used in contracting to build the tallest building Marketing and selling costs to get the tallest building in the country the right exposure Total 3,000,000 9,000,000 1,500,000 3,000,000 16,500,000