Assume Omar Company contracted to provide a customer with

internet infrastructure for $$3,000,000.$ The project began in $2017$

and was completed in $2018.$ Data relating to the contract are

summarized below:

Required:

Compute the amount of gross profit or loss to be recognized

in $2017$ and $2018$ using the percentage $-$of$-$completion

method. $(4$ marks$)$