Simon Co has the following contract in progress:

$-$ Total Contract Price : $750$

$-$ Cost Incurred to date : $225$

$-$ Estimated costs to completion : $340$

$-$ Payment invoiced and received : $290$

The satisfaction of performnace obligations is to be measured based on costs incurred as a proportion of total expected costs

Calculate the amount to be recorgnised for the contract in the statement of profit or loss and statement of financial position.