Contract BD258 began on January 15, 2020 and was completed on September 15, 2020 in the contractors financial year. The total value of the contract was $6,500 000. On December 31, 2020, the inspecting engineer issued his final certificate of work done. The following information relating to the contract was made available from the companys records:

Details/Accounts	$
Direct labour	1,200,000
Direct materials, less returns	480,000
Materials from store and workshops	196,000
Plant maintenance and use	380,000
Direct expenses	400,000
General overheads	240,000
Materials on hand December 31st	40,000
Wages owing at December 31st	65,000
Direct expenses prepaid	48,000
Value of work certified by the inspecting engineer	4,000,000
Cash received on account	4,500,000

Required:

1. Prepare the contract BD258 account as at December 31^st 2020. (15 marks)
2. Prepare the contract P&L account for the year ended December 31^st 2020. (5 marks)
3. Prepare the Contractee Account as at December 31^st, 2020. (5 marks)