You are the Financial Controller of Dry Limited, a construction company that has the following three incomplete construction contracts. Each contract is considered to contain only one performance obligation which will be satisfied over time. Details of each of the contracts at 30 June 2017 are as follows:

Additional Information:
1. The cost of work to 30 June 2017 has been determined after crediting unused materials and the written down value of plant in use.
2, Each contract provides for penalty payments for delays in completion at the following weekly rates:

Al Based upon information currently available with respect to the contracts, together with prior experience with similar contracts, it is expected that Contracts No. 1 and No. 2 will be completed on schedule. However, due to an unofficial strike of bricklayers at the Contract No. 3 site, it is now estimated that the completion date of this contract will be four weeks later than anticipated.
4. It has been determined that an input method that uses the percentage of completion based on costs incurred as a proportion of total estimated costs appropriately predicts performance under the contract. A loss-making contract can be deemed ‘onerous’ in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, with the loss reflecting the least net cost of exiting from the contract.
Requirement You are required to show the information that would appear in the statement of profit or loss and other comprehensive income and statement of financial position for the year ended 30 June 2017.

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Contract Contract Contract No. 1 No. 2 No. 3 000 000 000 Cost of work to 30 June 2017 as certified (note 2) 205 385 150 Value of work to 30 June 2017 as certified 241 425 140 Progress billings invoiced to 30 June 2017 200 400 125 Progress billings received by 30 June 2017 190 380 120 Estimated costs to completion 135 470 700 Fixed contract price (at inception) Starting date Agreed completion date 400 1 July 2016 31 December 2017 935 850 1 July 2016 30 June 2018 1 October 2016 30 June 2018