David & Co., started a contract on 1.4.1992. It closes its books on 31st December of every year. They are supplying the following information. $ Materials sent to work spot 43,000 Wages 1,00,000 Formen salary 12,620 1/5th of a Machinery costing $. 30,000 is used for this contract. Its life time is 5 years and scrap value is $. 2,000. A supervisor is paid $. 2,000 per month. But, he spent half of his time on this contract. Other expenses $. 14,000. Stock of materials $. 2,500 contract price $. 4,00,000. 2/3rds of the contract is completed on 31st December, 1992. But the engineer accepted the work worth $. 2,00,000. 80% of this is received as cash. Prepare contract account