11..Good Progress SpA entered into a contract on 1.1.20X0 at a contract price of 1,000,000 and an estimated total profit of 250,000. The contract was due for completion on 31.12.20X4.

The following information was available.

As at 31.12.20X0:

The contract was 25% complete and an architect’s cer tificate was issued for 250,000.

As at 31.12.20X1 The contract was 40% complete and an architect’s cer tificate was issued for 400,000.

Required:

Prepare the income statement entries for the years ended 31 December 20X0 and 20X1 and the balance sheet entries as at those dates.