Entity A has obtained a fixed price contract from ABC Company for $8,000 million to build a superhighway between Hong Kong and City B on Mainland China. The initial amount of revenue agreed in the contract is $8,000 million. Entity A's initial estimate of contract costs is $7, 100 million. It will take 3 years to build the superhighway. By the end of Year 1, Entity A's estimate of contract costs bas increased to $7, 200 million. In Year 2, ABC Company approves a variation resulting in an increase in contract revenue of $400 million and estimated additional contract costs of $300 million. At the end of Year 2, costs incurred include $200 million for standard materials stored at the site to be used in Year 3 to complete the project. Entity A determines the stage of completion of the contract by calculating the proportion that contract costs incurred for work performed to date bear to the latest estimated total contract costs. A summary of the financial data during the construction period is as follows: Required: Determine the stage of completion of the contract by the end of Years 1, 2 and 3. Determine the amounts of revenue, expenses and profit recognised in the statement of comprehensive income for each of Years 1, 2 and 3 using the percentage of completion method. Prepare journal entries to account for the contract revenues and expenses for Year 1