Data for Questions 3 and 4 CN started a three-year contract to build a new university campus on 1 April 20X7. The contract had a fixed price of $90 million. CN incurred costs at 31 March 20X8 of $77 million and estimated that a further $33 million would need to be spent to complete the contract. CN has a right to receive regular payments under the contract. To date, CN have received $55 million. CN uses an input method based on costs to calculate the progress of the contract. 3 What revenue should be recorded for the year to 31 March 20X8? $ 4 What should be shown in CN's statement of financial position as at 31 March 20X8? Current assets Current liabilities Trade receivables 6 Provision 6 B Trade receivables 8 Provision 20 Trade receivables 6 Provision 20 Trade receivables 8 Provision 6 D 249