B. The following balances were extracted from the books of SP Construction for Contract No. 123 on 31st March, 2020: RM Materials issued to site 627,200.00 Wages paid 734,550.00 Outstanding wages (as at 31 March 2020) 7,200.00 Plant (cost) 60,000.00 (depreciation of plant is 25 per cent) Direct charges paid 25,150.00 Outstanding direct charges (as at 31 March 2020) 2,100.00 Establishment expenses 56,500.00 Stock of materials at site (as at 31 March 2020) 12,000.00 Work certified (as at 31 March 2020) 1,650,000.00 Cost of work not yet certified 35,000.00 Cash received after deduction of 5 percent 1,410,750.00 retention money The work was commenced on April 1, 2019 and the contract price agreed at RM2,450,000.00 Required: Prepare contract account for the year ended 31st March, 2020. [10 marks]