Boscobel Construction Limited (BCL) is located it St. Mary, Jamaica. It started work on two construction projects during the year ended 31 December 2017. The nature of both contracts is that the customer controls the asset as the project goes forward. Work is certified by a surveyor as performance obligations are completed. The following figures relate to two projects at the end of the reporting period. Farewell Project Golden Project $000 $000 Contract price 9,000 8,000 Costs incurred to date 1.400 2,900 Estimated costs to completion 5,600 5,200 Value of work certified to date 2,800 3,000 Progress Billings (amt. invoiced) 2,600 3,400 Cash received on invoiced 2,200 2,700 A sinkhole was discovered under the site for the Farewell project and the costs of dealing with this have been taken into account in the calculation of estimated costs to completion. BCLs lawyers are virtually certain that the customer will have to bear the additional costs of $2,000,000 which will be incurred in stabilizing the land. Boscobel Construction Limited recognizes revenues and profits on construction contracts on the basis of work certified to date.]

REQUIRED: a) Calculate the figures which would appear in BCLs financial statements in respect of these two projects for 2017.

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