On 01 January 2014, Eggsy Pte Ltd (Eggsy), a Singapore-incorporated construction company, was contracted by the government to build an overhead bridge. The contract sum was agreed at $1 million, with work due to be completed by 31 December 2016. The construction contract included a clause for early-incentive payment which was as followed: (a) If Eggsy was able to complete the project by 30 April 2016. Eggsy will be entitled to a 15% incentive payment based on the latest agreed contract If Eggsy was able to complete the project by 30 June 2016. Eggsy will be entitled to a 10% incentive payment based on the latest agreed contract price. price. (b) Details relating to the project were as followed: 2014 $ 000 300 450 500 200 Actual costs incurred for-the-year Estimated costs to complete Cumulative progress billings Cash collected during the year 2015 $ .000 150 590 900 300 2016 $.000 500 1,000 600 The overhead bridge was completed by 30 June 2016 and the contract was closed-off by 2016 December financial year-end. Required: (a) (b) Calculate the construction revenue, construction cost and construction gross profit'loss for the years 2014 to 2016 for Eggsy Pte Ltd. Prepare all necessary journal entries from 01 January 2014 to 31 December 2016 to record the construction contract in the books of Eggsy Pte Ltd. (Round your answers to the nearest $'000)