QUESTION 2 Haziq Mirza Construction Bhd commenced work on the construction of a secondary school building on 1 April 2019 and is expected to be completed in 2 years. The contract value is RM5,000,000 and the estimated total contract cost is RM3,750,000. The following data is available for the year ending 31 December 2019: RM Total materials delivered to site 420,000 Materials transferred to another site 20,000 Site wages paid 110,000 Payment to sub-contractor for work done on site 80,000 Payment for site expenses 50,000 Plant and machinery bought for site 800,000 Progress payments (90% of progress billings) 1,080,00 On 31 December 2019: Material on site 15,000 Plant and machinery on site 500,000 Amount owing to sub-contractors 30,000 Note: It is the company's policy to calculate profit based on cost incurred to date. Required: a) Prepare the Construction in Progress account for the year ended 31 December 2019. (15 marks) b) Prepare the Contractee account as at 31 December 2019