Bella has a three-year contract which commenced on 1 January 2020. As at 31 December 2020 Bella extracted the following balances from its ledger relating to the contract:

	RM’000	RM’000
Total contract value		140,000
Cost incurred up to 31 December 2019:
Attributable to work completed	52,000
Inventory purchased for use in future years	8,000	60,000
Progress billing to date		45,000
Cash received		26,500
Other information:
Expected further costs to completion		48,000

As at 31 December 2020, the contract was certified as 40% complete.

Required:

1. Prepare extracts from the statement of profit or loss and statement of financial position for the year- ended 31 December 2020.