The total PRICE = 20,000,000

using the cost recovery method show the impact of the above on the balance sheet and income statement under IFRS

Billings during Costs incurred during the year $2,000,000 Estimated costs to complete as of year-end $6,000,000 the year Cash collections during the year $900,000 2016 $1,000,000 2017 2,000,000 6,000,000 1,000,000 900,000 2018 4,750,000 1,250,000 5,000,000 4,300,000 2019 4,750,000 1,500,000 5,000,000 4,300,000 2020 2,250,000 656,250 4,000,000 4,800,000 2021 2,250,000 0 4,000,000 4,800,000