On 1 February 2010, Arena Construction Ltd obtained a contract to build a sports complex. The complex was to be built at a total cost of \(£ 4,500,000\) and was scheduled for completion by 1 September 2012. One clause of the contract stated that Arena Construction Ltd was to deduct \(£ 10,000\) from the \(£ 6,000,000\) total contract price for each week that completion was delayed. Completion was delayed five weeks, which resulted in a \(£ 50,000\) penalty. Below are data pertaining to the construction period:

Arena Construction determines the stage of completion of a contract by reference to the proportion that contract costs incurred for work performed to date bear to estimated total contract costs.
The outcome of contracts can be estimated reliably only when a contract is at least \(40 \%\) complete.
\section*{Required}
Prepare extracts from the statements of comprehensive income and statements of financial position for each of the three years of the contract ending 31 December 2010, 31 December 2011 and 31 December 2012.

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2010 2011 2012 Costs incurred to date (cumulative) 1,500,000 3,220,000 4,600,000 Estimated costs to complete 3,000,000 1,380,000 - Progress billings invoiced (cumulative) 1,000,000 2,500,000 5,950,000 Progress billings received (cumulative) 800,000 2,300,000 5,950,000