Jamaica Contractors Ltd started work on a contact on January 17, 2016 and finished on October 21, 2016. Costs on the contact are provided in the table below: Details Direct materials Direct labour Direct expenses Plant costs Overheads Total The price of the contract was $8,000,000 and on October 28, 2017 the inspector of the job issued the final certificate of work done. As at that date the customer had already paid $6,000,000 and the remainder was still outstanding at the end of the accounting period. Direct materials valued at $40,000 was returned to store, while direct labour was pre-paid to the extent of $100,000. Required: S 2,400,000 2,100,000 480,000 360,000 660,000 6,000,000 (a) Prepare the contract account as at December 31st 2016. (10 marks) (b) Prepare the contract P&L account for the year ended December 31st 2016. (5 marks) (c) Prepare the Contractee Account to show the amount outstanding as at December 31st, 2016. (5 marks) (d) List three characteristics of job costing and state the main difference between it and contact costing (5 marks)