150f.1.PIRE Ltd involved in long-term contracts has one contract which has the following figures for the year ended 31 December 2018, its first year of operation: Total contract price Costs incurred to 31/12/2018 Estimated costs to completion Value of work certified at 31/12/2018 nvoices sent to customer to date Amount received from the customers to date 250,000 2,000,000 640,000 960,000 1,100,000 600,000 It is to be accounted for as a single performance obligation The company measures the progress towards the performance obligation using an input method. Required: Prepare extracts from the Income Statement for the year ended 31 December 2018 and the Statement of Financial Position as at that date for the above contracts in accordance IFRS 15