3. The following details apply to a contract where performance obligations are satisfied over time at 31 December 2015.

	$
Total contract revenue	100,000
Costs to date	50,000
Estimated costs to completion	40,000
Amounts invoiced	70,000
Amount paid up to 31.12.2015	45,000

The contract is agreed to be 40% complete at 31 December 2015.

Required:

Show how a contract would be reflected in the statement of financial position and in the statement of profit or loss at 31 December 2015 under IFRS 15 Revenue from contracts with customers.