Question: Hattem Co is a construction business, recognising progress based on work certified as a proportion of total contract value. Hattem Co will satisfy the performance

Hattem Co is a construction business, recognising progress based on work certified as a proportion of total contract value. Hattem Co will satisfy the performance obligation over time. The following information relates to one of its long?term contracts as at 31 May 20X4, Hattem Co's year?end. ?Contract price: $200,000 ?Costs incurred to date: $135,000 ?Estimated cost to complete: $15,000 ?Invoiced to customer: $120,000 ?Work certified to date: $180,000 In the year to 31 May 20X3 Hattem Co had recognised revenue of $60,000 and profit of $15,000 in respect of this contract. What profit should appear in Hattem Co's statement of profit or loss as at 31 May 20X4 in respect of this contract? $___________

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