Part A:(9 marks)XY Ltd signed a contract on 1 January 2015, agreeing to build a bridge in 3-years for ABClimited at a contract price of $4 000 000. XY Ltd estimated that construction costs would beas follows:Year endedYear 1Year 2Year 3Actual costs incurred800 0001 200 0001 880 000Estimated total costs3 200 0003 880 0003 880 000Billings920 0001 200 0001 880 000Payment received800 000800 0002 000 000Required:Prepare the necessary journal entries to recognise the 'construction expense' and"construction revenue' only for the 3 years of the contract for XY Ltd.Part B:(10 marks)The following segment information is for Elegant Limited for the year ended 30 June 2018.OperatingSegmentSegmentSegmentSegmentSegmentRevenueResults (Profits/Total AssetsTotal$Losses)LiabilitiesSManufacturing159 50035 000350 000200 000Retail10 500(1 000)51 00060 000Entertainment25 0002 000)50 00050 000Media25 0001 500)50 00028 000Chemicals35 00021 000120 000100 000Travel12 000(5 000)100 000150 000Publishing10 0001 50050 00080 000Agriculture25 0004 00062 00020 000General corporate75 000200 000Total302 00052 000908 00888 000Required:Following AASB8, identify reportable segments for Elegant Limited for the year ended 30 June2018