On 1 Januaty 2020. Al Rashid signed a contract with a customer to construct a building for consideration of 54500,000 plusa borus of 5900000 if the buiking is completed within 20 months. Estimated cost to construct the buiding were $3,375,000,0. 1 January 2020, because of factor outside its control, Al Rashid was not sure whether the bonus would be achieved. As on 31 December 2020 Al Rashid had incurred a cost ot $2,250,000. they were still unsure as to whether bonus targe would be met Al Rashid measures progress toward completion based on costs incurred. On 31 December 2020, Al Rashid had billed and received 52250000 from the customer. Required: How should this transaction be accounted for in the year ended 31 December 2020 in the itatement of profit or low and the statement of financial position? show all your calculations. You can copy the image of the following table and poster it in the answer box to tolve the quentiond in aroper form On 1 Januaty 2020. Al Rashid signed a contract with a customer to construct a building for consideration of 54500,000 plusa borus of 5900000 if the buiking is completed within 20 months. Estimated cost to construct the buiding were $3,375,000,0. 1 January 2020, because of factor outside its control, Al Rashid was not sure whether the bonus would be achieved. As on 31 December 2020 Al Rashid had incurred a cost ot $2,250,000. they were still unsure as to whether bonus targe would be met Al Rashid measures progress toward completion based on costs incurred. On 31 December 2020, Al Rashid had billed and received 52250000 from the customer. Required: How should this transaction be accounted for in the year ended 31 December 2020 in the itatement of profit or low and the statement of financial position? show all your calculations. You can copy the image of the following table and poster it in the answer box to tolve the quentiond in aroper form