Question: Entity 2 entered contracts with two separate customers on 1 January 2022. The following information relates to these two contracts for 2022. Total contract price

Entity 2 entered contracts with two separate customers on 1 January 2022. The following information relates to these two contracts for 2022.

Total contract price

Costs incurred to date

Anticipated further costs to completion

Cumulative progress billings invoiced

Cumulative progress billings received

Only contract As performance obligation is satisfied over time. Entity 2 is using the input method to determine the percentage of completion. Show how these two contracts should be presented in Entity 2s financial statements for 2022.

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