On January 1^st 2013 Hinkson Ltd entered into a contract with Seepersad Co to erect a building for a total contract price of $1,500,000.00. The following details are provided:

	At Dec 31, 2013	At Dec 31, 2014	At Dec 31, 2015
Contract cost incurred to date	3500,000	730,000	945,000
Est. Cost to complete contract	1,050,000	730,000	405,000
Billings to Seepersad during year	300,000	400,000	300,000

a) Using the percentage of completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended Dec 31 2013, Dec 31 2014, Dec 31 2015.

b) Using the cost recovery method, compute the profit or loss to be recognized as a result of this contract for the years ended Dec 31 2013, Dec 31 2014, Dec 31 2015.