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Grange Construction Limited ( CL ) is located in Hanover, Jamaica. GCL two construction projects in progress during the year ended 3 1 December 2
Grange Construction Limited CL is located in Hanover, Jamaica. GCL two construction projects in progress during the year ended December Work on the contracts are certified by a surveyor as performance obligations are completed. The following figures relate to two projects at the end of the reporting period.Kendal ProjectCove Project$$Contract priceCosts incurred to dateEstimated costs to completionValue of work certified to dateProgress Billings amt invoicedCash received on invoiced amountFor the year ended December revenue and cost recognized on the Kendal project was $ and cost $ respectively. KCL recognizes revenues and profits on construction contracts using the input approach REQUIRED:Calculate the figures which would appear in GCLs financial statements
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