QUESTION 1: ELBRUS LTD Elbrus Ltd specialises in bridge construction and has one contract in progress from local council since 1 Jan 2019 and it is expected to be completed in three year's time. The contract price was agreed at 12,000,000 and total contract costs were estimated to be 8,000,000 Contract details extracted from the company's costing records for the year ending 31 Dec 2019 as follows: 2019 '000 2,800 Cost Incurred to date Estimated cost to completion Value of Work Certified to date Progress payment raised to date Progress payments received to date 5,200 4,800 3,400 2,600 Required: Show how this contract should appear in income statement and the statement of financial position for the year ended 31 Dec 2019 using: - Input Method - Output Method (30 marks)