Question 34 TOPIC 4 - REVENUE Not yet answered On 1 July 2019 Constructa Ltd entered into a contract to construct a 208km long stretch of railway line for their client Trainer Ltd. Details of the contract are as follows: Marked out of 3.00 . P Flag question Contract price: $19892301 Anticipated construction period: 3 years, commencing 1 July 2019 All costs incurred are paid in cash by the end of each year The outcome of the contract is able to be reliably determined . Costs incurred Estimated costs to complete Billings during the year Cash collected during the year Kms of railway completed Year 1 (30 June 2020) 4314151 10643384 8,000,000 6,500,000 59km On the basis that revenue is determined using the output method calculate the profit that will be recognised in the year ended 30 June 2020 on the contract. PLEASE ENTER YOUR ANSWER IN WHOLE NUMBERS WITH NO COMMAS OR DOLLAR SIGNS (EG $1,000,000 SHOULD BE SHOWN AS 1000000)