Question: Good Progress SpA entered into a contract on 1.1.20X0 at a contract price of 1,000,000 and an estimated total profit of 250,000. The contract was

Good Progress SpA entered into a contract on 1.1.20X0 at a contract price of 1,000,000 and an estimated total profit of 250,000. The contract was due for completion on 31.12.20X4.
The following information was available.
As at 31.12.20X0:
The contract was 25% complete and an architect’s certificate was issued for 250,000.

As at 31.12.20X1:
The contract was 40% complete and an architect’s certificate was issued for 400,000.

Required:
Prepare the statement of comprehensive income entries for the years ended 31 December 20X0 and 20X1 and the statement of financial position entries as at those dates.

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