TThe value of the machine is R800 000

QUESTION FOUR [14] Dell Construction Limited (DCL) took a contract in 2020 for the construction of road. The contract price was R1000 000, and it is estimated that the cost of completion will be R920 000. The company R360 000 representing 90% of work certified. Work not yet certified was R10 000. Expenditure incurred on the contract during 2020 was as follows: R50 000 R5000 Material Material damages Damaged material sold for Plant depreciated by 25% R1000 Required: Prepare the contract account for the year ending 2020 in the books of DCL. Also show all possible figures that can reasonably be credited to the profit and loss account in respect of the contract