Refer to the information in the previous problem (P4-31). Complete the question assuming that Hornby Construction Company uses ASPE and applies the completed contract method.

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2011 2012 2013 Cost incurred to date Estimated costs to complete Cumulative billings to Ladysmith $ 150,000 1,350,000 $1,200,000 800,000 $2,100,000 300,000 1,800,000 1,100,000