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Q1. Strong-Bridges Ltd. was awarded a Rs.20 million contract to build a bridge. The estimated time to complete the project is three (3) years, with an estimated total cost of Rs.15 million. Assuming that the cost estimates do not change, the project is expected to generate Rs.5 million in profit. The following is a schedule on the project: 2008 Rs. 5,000,000 2009 Rs.7,000,000 2010 Rs. 15,000,000 Cost incurred-cumulative Cash collected Rs. 5,000,000 Rs.7,000,000 Rs.8,000,000 (a). Show the revenue and Pre-tax income for each year under both the percentage-of-completion and completed contract methods. (b). Prepare the Balance Sheet for each year under both the percentage-of-completion and completed contract methods. Q1. Strong-Bridges Ltd. was awarded a Rs.20 million contract to build a bridge. The estimated time to complete the project is three (3) years, with an estimated total cost of Rs.15 million. Assuming that the cost estimates do not change, the project is expected to generate Rs.5 million in profit. The following is a schedule on the project: 2008 Rs. 5,000,000 2009 Rs.7,000,000 2010 Rs. 15,000,000 Cost incurred-cumulative Cash collected Rs. 5,000,000 Rs.7,000,000 Rs.8,000,000 (a). Show the revenue and Pre-tax income for each year under both the percentage-of-completion and completed contract methods. (b). Prepare the Balance Sheet for each year under both the percentage-of-completion and completed contract methods