Show how the following events should be reflected in the accounts at 31 December 2015 and describe audit procedures you would carry out to verify them:

Company A estimated that the profits on a construction contract that was 75 percent complete at 31 December 2015 would amount to 75.000 in the profit and loss account on the portion of the contract certified as complete by a qualified surveyor. On completion on 22 February 2016, company records show profit on the contract amounted to 30.000.