On 1 October 2009 Mocca entered into a construction contract that was expected to take 27 months and therefore be completed on 31 December 2011. Details of the contract are:

<img src='https://img2.soutiyun.com/ask/uploadfile/10515001-10518000/4356371191f756760ce88a53ba316802.png' /> Plant for use on the contract was purchased on 1 January 2010 (three months into the contract as it was not required at the start) at a cost of $8 million. The plant has a four-year life and after two years, when the contract is complete, it will be transferred to another contract at its carrying amount. Annual depreciation is calculated using the straight-line method (assuming a nil residual value) and charged to the contract on a monthly basis at 1/12 of the annual charge. The correctly reported income statement results for the contract for the year ended 31 March 2010 were: <img src='https://img2.soutiyun.com/ask/uploadfile/10515001-10518000/a0bef5b56f4bb1abb60e40002457168d.png' /> The percentage of completion is calculated as the agreed value of work completed as a percentage of the agreed contract price. Required: Calculate the amounts which would appear in the income statement and statement of financial position of Mocca, including the disclosure note of amounts due to/from customers, for the year ended/as at 31 March 2011 in respect of the above contract.

时间:2023-08-24 09:30:21

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