The following data relate to a profitable contract - contract F360M:

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Prepare journal entries to record the relevant information for the statement of comprehensive income and statement of financial position in accordance with IAS 11 Construction Contracts requirements, and show the relevant statement of comprehensive income and statement of financial position extracts.

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Contract F360M 000 Costs incurred on contract 1,000 Appropriate proportion of total contract value reported as turnover for year 1,500 Costs incurred in reaching stage of completion recognized in turnover 900 Progress payments invoiced to customers 1,200