A contractor, Smartbuild Properties, made progress payments for a new warehouse. The contract amount is $800,000, excluding GST, and the practical project completion is eight (8) months with three (3) months defect liability period. In the second month of the project, the contractor submitted a variation claim of $50,000, including GST. The contractor released 40% of the retention after the practical project completion in Month 5. There is no material onsite and offsite. Using the monthly percentages from the S-Curve forecast in Figure 2, what are the net payment in Month 2, retention in Month 11, and total payment including GST? S-curve 150% 100% 90% 100% 100% 100% 100% 70% 50% 56% 38% 22% Percentage progress claim 0% 470 12% 1 2 3 4 5 6 7 8 9 10 11 Time, Months Figure 2: Monthly percentages a) Net payment in Month 2 is? (10 marks). Select the correct Net payment. iii) $1,244,857.30 i) $89,000.76 ii) $96,730.43 iv) $1,208,599.00 b) Total retention in month 11 is? (10 marks). Select the correct retention. ii) $78,587.83 i) $200,000 iii) $ $98,087.30 iv) $52,125.09 c) Total payment including GST is? (5 marks). Select the correct total payment i) $1,000,000 ii) $880,587.00 iii) $$980,088.60 iv) $970,000.00 A contractor, Smartbuild Properties, made progress payments for a new warehouse. The contract amount is $800,000, excluding GST, and the practical project completion is eight (8) months with three (3) months defect liability period. In the second month of the project, the contractor submitted a variation claim of $50,000, including GST. The contractor released 40% of the retention after the practical project completion in Month 5. There is no material onsite and offsite. Using the monthly percentages from the S-Curve forecast in Figure 2, what are the net payment in Month 2, retention in Month 11, and total payment including GST? S-curve 150% 100% 90% 100% 100% 100% 100% 70% 50% 56% 38% 22% Percentage progress claim 0% 470 12% 1 2 3 4 5 6 7 8 9 10 11 Time, Months Figure 2: Monthly percentages a) Net payment in Month 2 is? (10 marks). Select the correct Net payment. iii) $1,244,857.30 i) $89,000.76 ii) $96,730.43 iv) $1,208,599.00 b) Total retention in month 11 is? (10 marks). Select the correct retention. ii) $78,587.83 i) $200,000 iii) $ $98,087.30 iv) $52,125.09 c) Total payment including GST is? (5 marks). Select the correct total payment i) $1,000,000 ii) $880,587.00 iii) $$980,088.60 iv) $970,000.00