ear Ltd specialises in bridge construction and has the following contract in progress at its year end 31 March 2021. It has the following information in relation to a construction of Cornwall bridge: 31 March 2020 31 March 2021 Total Contract Value 9,000,000 9,000,000 Cost Incurred to date 3,150,000 4,745,000 Estimated cost to completion 3,850,000 2,255,000 Value of Work Certified to date 4,860,000 6,300,000 Invoices raised to customer to date 2,800,000 4,650,000 Progress payments received to date 2,630,000 4,200,000 The construction of Cornwall Bridge commenced in April 2019. In June 2020, the customers surveyor notified Bear Ltd of a fault in one of the bridge supports which will require a remedial work in May 2021 at an estimated additional cost of 300,000. This cost has not been accounted for in financial statements yet. Requirement: a) Calculate Income Statement and Statement of Financial Position extracts for years ended 31 March 2020 and 31 March 2021 if the stage of completion of the contract is calculated using an input method. b) Calculate Income Statement and Statement of Financial Position extracts for years ended 31 March 2020 and 31 March 2021 if the stage of completion of the contract is calculated using an output method.