Question: Question 4 (Approximate completion time: 25 mins) [CLO 5] Ground Breakers Construction Co Ltd. was awarded the contract to expand the warehouse of John Caine

Question 4 (Approximate completion time: 25 mins) [CLO 5] 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

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