On 1 February 2023, Sofia Ltd entered into a contract with Adel Ltd to design a comprehensive database system, encompassing both hardware and software components, for Adel Ltd. According to the agreement's terms, the total consideration to be paid for the system will be $430,000. Sofia Ltd expects that its total costs for the system will be $335,000. As the end of its reporting period, 30 June 2023, Sofia Ltd had incurred wages cost of $65,000 and materials costs of $180000 associated with the project. Of the materials costs, $30,000 is in respect of materials that have not yet been used on the system. Of the wages cost, $12,500 is an advance payment to subcontractors who had not performed their work on the project as at 30 June 2023. As at 30 June 2023, Adel Ltd had made progress payments to Sofia Ltd of $250000. Sofia Ltd calculates the measurement of progress using input methods in accordance with AASB15/IFRS 15. Required A) Calculate the revenue to be recognised by Sofia Ltd for the year ended 30 June 2023. Show all workings. B) Prepare all journal entries to record the transactions described. Assume all of Sofia Ltd's costs are paid for in cash. B) Calculate the Profit to date on the contract as at 30 June 2023