Tiger Construction Ltd signs a contract on 1 May 2018 to build a theme park. The construction is scheduled to commence on 1 July 2018 and the estimated date of completion is 30 June 2021. The total contract price is $5m and the cost of the park is initially estimated at $4.5m. The following data relates to the construction period:

PRACTICAL QUESTION (29 marks) Tiger Construction Ltd signs a contract on 1 May 2018 to build a theme park. The construction is scheduled to commence on 1 July 2018 and the estimated date of completion is 30 June 2021 The total contract price is $5m and the cost of the park is initially estimated at $4.5m. The following data relates to the construction period For the vear ended 30 June 2019 2020 Costs to date Estimated costs to complete Progress billings to date Cash received to date 1,700,000 2,800,000 1,400,000 1,200,000 3,000,000 1,700,000 2,600,000 2,200,000 2021 4,800,000 5,000,000 5,000,000 Assume that cost (an input measure) is used as the basis for assessing progress on the construction contract. Required a) Determine the percentage of completion for 2019, 2020 and 2021 (6 marks) 2019 2020 2021 Costs to date (A) Estimated costs to complete (B) Estimated total cost (A+B-C) Percent of completion (POC-A/C)