Q$3.$ Haggrun Co has two contracts in progress, the details of which are as follows.

BUSI$2158$ Intermediate Corporate Reporting Seminar $2$

Haggrun measures satisfaction of performance obligations based on percentage of

work certified as complete.

Required:

Show extracts from the statement of profit or loss and other comprehensive income

and the statement of financial position for each contract, assuming they are both

certified as:

$(1)40\%$ complete; and

$(2)36\%$ completeHaggrun Co has two contracts in progress, the details of which are as follows.

Happy $($profitable$)$ Grumpy $($loss$-$making$)$

$$000$ $$000$

Total contract revenue $300300$

Costs incurred to date $90150$

Estimated costs to completion $135225$

Payments invoiced and received $116116$

Haggrun measures satisfaction of performance obligations based on percentage of work certified as complete.

Required:

Show extracts from the statement of profit or loss and other comprehensive income and the statement of financial position for each contract, assuming they are both certified as:

$(1)40\%$ complete; and

$(2)36\%$ complete