Trelawny Pavers Limited is a construction company that specializes in the construction of roads and bridges. The financial year end of the company is the 31" of March each 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 contract at 31 March 2021 is as follows: Page 7 of 8 CONTRACTS CORSA MALVERN $000 $000 Agreed Contract Price 24,000 6,200 Cost incurred to date (at 31 March 2021) 11,280 3,474 Cost to completion 7,520 4,246 Agreed value of work completed at 31 March 2021 Progress billings invoiced at 31 March 2021 4,400 3,360 1,000 3,440 Cash received 900 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)