Turtle Co is a company whose activities are in the field of major construction projects. During the year ended 31 December 2014, it enters into three separate construction contracts, each with a fixed contract price of $1,000,000. The following information relates to these contracts at 31 December 2014. Contract A B C $'000 $'000 $'000 Payments on account (including amounts receivable) 540 475 400 Costs incurred to date 500 550 320 Estimate costs to complete the contract 300 550 580 Estimate percentage of work completed 60% 50% 35% Required (a) Show how each contract would be reflected in the statement of financial position of Turtle Co at 31 December 2014 under IAS 11. (b) Show how each contract would be reflected in the statement of profit or loss of Turtle Co for the year ended 31 December 2014 under IAS 11