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Everest Ltd specialises in bridge construction and has one contract in progress from local council since 1 Jan 2019 and it is expected to be completed in three year's time. The contract price was agreed at 8,000,000 and total contract costs were estimated to be 5,000,000. Contract details extracted from the company's costing records for the year ending 31 Dec 2019 as follows: Cost Incurred to date Estimated cost to completion Value of Work Certified to date Progress payment raised to date Progress payments received to date 2019 '000 2,000 3,000 3,600 2,800 2,500 Required: Show how this contract should appear in income statement and the statement of financial position for the year ended 31 Dec 2019 using: - Input Method - Output Method