Trelawny Pavers Limited is a construction company that specializes in the construction of rock and bridges. The financial year end of the company is the 31" of March ach year. During the year ended 31 March 2020 the company commenced two construction contracts that are expected to take more than two years to complete. The position of each contractat 31 March 2021 is as follows: Page 7...of_8 CONTRACTS Agreed Contract Price Cost incurred to date (at 31 March 2021) Cost to completion Agreed value of work completed at 31 March 2021 Progress billings invoiced at 31 March 2021 Cash received CORSA S000 24,000 11,280 7,520 4,400 1,000 900 MALVERN S000 6,200 3,474 4,246 3,360 3,440 2,400 The company uses the input approach to determine the percentage of completion for all contracts. The company considers that the outcome of a contract cannot be estimated reliably until a contract is 30% complete. It is, however, probable that the customer will pay for costs incurred so far. In relation to the Corsa contract $4,000,000 in revenue and $2,400,000 in cost was recognized for the year ended 31 March 2020. REQUIRED: Calculate the amounts which should appear in the income statement and statement of financial position of Trelawny Pavers Limited at 31 March 2021 in respect of the above contracts. (15 marks)