Question 1. 8 Marks You have the following information regarding Amal Co regarding a contract to build a bridge in 3 years: 1) Contract price is set to 45 million JD. 2) Estimated overall costs are 40 million JD. 3) By the end of Year 1 the overall costs were increased by an extra 250,000. 4) By the end of Year 2 the contract price was increased by 1 million and overall costs were increased by another 750,000. 5) Cumulative actual cost by the end of year 1 is 10,465,000. 6) Cumulative actual cost by the end of year 2 is 30,840,000. 500,000 of these costs is related to Year 3 progress. Instructions: 1) Complete the table below Year 1 Year 2 Year 3 Cumulative Actual costs Estimated Costs for Completion Overall Costs Percentage of completion Revenues for each year Profit for each year 2) What is the percentage of completion during each of: a. Year I only b. Year 3 only