Prepare a Contract Account based on the following information as at 31 December 19X7: Contract 2267 Contract

Prepare a Contract Account based on the following information as at 31 December 19X7:

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Contract 2267 Contract price Commencement date 1 January 19X7 Materials delivered to site Wages Site expenses Value of plant on 1 January Materials on site at 31 December Work certified Cost of work completed but uncertified 550,000 42,220 68,880 16,250 250,000 3,850 210,000 10,500 286,250 Plant is depreciated at 20% per annum Estimated costs of completion