Question: Question 2 (10) Pauline entered a contract to construct a diary processing plant for a client during the year and identified the performance obligation as

Question 2 (10) Pauline entered a contract to construct a diary

Question 2 (10) Pauline entered a contract to construct a diary processing plant for a client during the year and identified the performance obligation as one which is satisfied over time. Pauline recognizes progress towards completion using an output method, based on work certified compared to contract price. The following is relevant information to the contract. Contract price 1,000 000 Costs incurred to date 530 000 Estimated cost to complete 170 000 Work certified to date and invoiced 600 000 Calculate the value of the contract asset to be recorded in Pauline 's statement of financial position. (10 marks)

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