Problem 1 (20 marks) The main business of Wright Co. is building work. At the end of December 2007 there is an uncompleted contract on the books, details of which are as follows. Date commenced Expected completion date Total contract revenue Costs to 31.12.2007 Value of performance obligations satisfied to 31.12.2007 Amounts invoiced for work certified to 31.12.2007 Cash received to 31.12.2007 Estimated costs to completion at 31.12.2007 01.01.2007 10.02.2008 $ 330 000 290 000 270 000 220 000 200 000 140 000 Wright Co. calculates satisfaction of performance obligations based on work certified as a percentage contract price. Required Prepare calculations showing the amount to be included in the statement of profit or loss and statem financial position at 31 December 2007 in respect of the above contract. Answer: % of