I The following information relates to a construction contract: Contract price $800,000 Costs to date $320,000 Estimated costs to complete $280,000 Estimated stage of completion 60% (a) What amounts of revenue, costs and profit should be recognised in the statement of profit or loss? (b) Take the same contract, but now assume that the business is not able to reliably estimate the outcome of the contract although it is believed that all costs incurred will be recoverable from the customer. What amounts should be recognised for revenue, costs and profit in the statement of profit or loss