QUESTION 4 Falmouth Construction Limited (FCL) is located it Trelawney Jamaica. It started work on two construction projects during the year ended 31 December 2017. The nature of both contracts is that the customer controls the asset as the project goes forward. Work is certified by a surveyor as performance obligations are completed. The following figures relate to two projects at the end of the reporting period. Blanca Project $'000 Contract price 27,000 Costs incurred to date 4.200 Estimated costs to completion 16,800 Value of work certified to date 8,400 Progress Billings (amt. invoiced) 7,800 Cash received on voiced amou 6,600 Negro Project $'000 24,000 8,700 15,600 9,000 10,200 8,100 A sinkhole was discovered under the site for the Blanca project and the costs of dealing with this have been taken into account in the calculation of estimated costs to completion. TCL's lawyers are virtually certain that the customer will have to bear the additional costs of $6,000,000 which 4 will be incurred in stabilizing the land. Falmouth Construction Limited recognizes revenues and profits on construction contracts on the basis of work certified to date. REQUIRED: a) Calculate the figures which would appear in FCL Company's financial statements in respect of these two projects for 2017. (19 marks)