Please could you help me answer these three questions regarding contract/ agreements?

b) In 2014, CLG Engineering entered into an agreement to construct an office building at a contract price of R5 500 000. It was estimated that the cost to construct an office building will amount to R3 750 000. Construction data were as follows: 2014 750 000 Construction costs incurred during the year 2015 2 700 000 3 600 000 4 170 000 2016 630 000 1 330 000 5 500 000 Progress billing and cash received during the year Cumulative billing and cash received 570 000 570 000 REQUIRED Marks Prepare income statement and balance sheet for Pine for 2014 to 2016 using % of completion method. 10 (ii) 6 Calculate income statement and balance sheet for Pine for 2014 to 2016 using completed contract method assuming all the costs and revenue are recognised in the income statement on completion of the contract. (iii) Which of the two methods will management of CLG construction prefer? Provide 1 a reason. TOTAL 17