Question 2 (28 marks) Stone Age Construction Pte Ltd entered into a construction contract to build a commercial building for Bintang Ltd for $9,200,000. Construction commenced on 1 January 2021. The following details relate to the construction project as at 31 December 2021: $'000 5,520 Progress billing to-date Cash receipt to-date Costs incurred to-date Estimated total costs 5,120 4,032 6,400 Stone Age Construction Pte Ltd accounted for the contract using the percentage-of-completion method. Required: (a) For the year ended 2021, calculate the percentage of completion to-date, revenue recognised for the year and the profit recognised for the year. (10 marks) DIPL ACC3002 FAR Individual Assignment Page 3 (b) Prepare the necessary journal entries at the end of 2021 to record the above transactions relating to the contract. (18 marks) O W P 28