From the following data relating to a contractor, prepare the Contract Account and show what Profit or loss should be taken to the Profit and loss account for the year ended Dec., 31, 1998. Materials (direct) $ 30,000 Materials (from stores) 6,500 Wages Direct expenses 17,210 6,710 Establishment charges 8,000 Plant 34,200 Sale of scrap 1,820 Sub-contracts 7,210 The other information available is as follows: (1) Accruals on December 31, 1998, are wages for $880, direct expenses $ 1,120 (2) Depreciation on plant up to December 31 is $8,850 (3) Included in the above summary of entries are wages $ 1,000 and other expenses $ 1,500 since certification. The value of materials used since certification is $ 2,080. (4) Materials on site on December 31, 1998, cost $ 10,000 (5) $ 62.500 has been certified up to December 20, 1998, when 3/8 of the contract remained uncompleted. (6) The contract price is $ 1,00,000