Rafflesia Construction has been given a contract to build a hospital at Petrajaye at a contract price of RM22,500,000. The expected date of completion is on 30 June 2024. Work on this project commenced on 1 January 2022. Information relating to the construction work for the financial year ending 30 June 2022 is as follows: 1. Costs paid and purchases made during the year ended 30 June 2022: RM Materials purchased 2,600, 000 Materials issued from main store 350 000 Wages 472,000 Direct charges 235,000 Cost of plant (acquired on 1. 1.2022) 5501000 Subcontractor charges 280,500 2. Costs owing or paidin advance as at 30 June 2022: RM Wages owing 105,000 + Subcontractor charges paid in advance 97.000 Materials unused 19.500 + 3. It is the policy of the company to depreciate plant at 10%% on cost per annum, pro- rated on a monthly basis. Upon completion of this project, this plant will be transferred for use in another contract Head office expenses charged to the contract is 10%% of the materials used. The estimated future cost to complete the project is RIMS,500,000 Profit is to be recognised based on inputmethod 7 The amount of progress billing made out to the contractes is the value of work certified by the architect. For the year ended 30 June 2022, the value of work certified was RIM3,200,000 Cash collected from the contractse for progress payment is subjected to 5%% retention money. Required: a. Prepare the following accounts: Construction in Process account for the year ended 30 June 2022 Contractse account