Hanover Limited has undertaken a $10 million contract to repair a railway tunnel. The contract was signed on 1 April 2016 and the work is expected to take two years. This is a contract where performance obligations are satisfied over time and progress in satisfying performance obligations is to be measured according to % of work completed as certified by a surveyor. Hanover Limited has an enforceable right to payment for performance completed to date. At 31 December 2017 the details of the contract were as follows: Total Contract Revenue Cost incurred to date Required: ii) Estimated costs to completion Work invoiced to date Cash received to date Percentage. Certified. Complete iii) 2017 $ 10,000,000 7,200,000 1,400,000 6,000,000 4,800,000 75% i) Prepare the Statement of Profit or Loss the year ended December 31, 2016 (3 1/2 marks) 2016 $ 10,000,000 4,600,000 4,200,000 4,000,000 3,000,000 40% Prepare the Statement of Financial Position Extract as at December 31, 2017 .