Ground Breakers Construction Co Ltd. was awarded the contract to expand the warehouse of John Caine Ltd. Contract number 740K16 began on June 1, 2014 and was completed on December 15, 2014, in the contractors same accounting year. The total value of the contract was $2,000,000. On December 31, 2014, the inspecting engineer issued his final certificate of work done. The following information relating to the contract was extracted from the companys records: Labour on site 300,800 Materials direct to site, less returns 160,000 Materials from store and workshops 48,000 Plant maintenance and use 95,000 Direct expenses 101,280 General overheads 60,800 Materials on hand December 31st 9,600 Wages owing at December 31st 16,000 Direct expenses prepaid 12,000 Value of work certified by the inspecting engineer 1,000,000 Cash received on account 1,200,000 Page 5 of 5 Required (a) Prepared the contract 740K16 account as at December 31st 2015. (10 marks) (b) Prepare the P&L account for the year ended December 31st 2015. (5 marks) (c) Prepare the Contractee Account as at December 31st, 2015. (5 marks)