Deron Construction Limited currently has two construction contracts. The contracts involve the construction of a Clinica Grange hill, Westmoreland and a new hotel in Negril. la Management is unaware with regard to when revenue costs and profits from the contracts are to be recognised. Based on the construction industry as well as the entity's accounting policies, the outcome of a contract cannot be estimated reliably until a contract is at least 15% complete. Below are information relating to both contracts for the year ended December 31, 2020 Contact Price Cost curred to date Estimated to complete Progru Billing Chceived Clinic $25.000.000 55.000000 $7,500 56.000.000 $4.500.000 Hotel $100,000,000 $7.500.000 56750,000 $2.500.000 S2.000000 The company uses the input method to determine the projects" level of completion. The company recognised revenue and cost on the clinic amounting to $1.500.000 and $1,750,000 for the year ended December 31, 2019, Management indicates that contract costs incurred are probable of being recovered Required: a Prepare an extract of the statement of protits or low to recognize contract revenie, cost and profits for the year ended December 31, 2020 (11 mark) Prepare an extract of the statement of financial position as a December 31, 2020