Y Ltd., undertook Contract No. 80 for $ 7,50,000. The Contract Account showed the following particulars: 1996 Materials $ 30,000; wages $ 25,000; overheads $ 10,000, plant $1,00,000, materials at site at close $3,000. 1997 Materials $1,00,000: wages $ 60,000; overheads $ 15,000. Materials returned $ 8,000. The plant at its depreciated value was transferred to Contract No. 88. Uncertified work $ 15,000. 1998 Materials $ 1,60,000; wages $ 1,00,000; overheads $ 28,000; materials sold $ 4,000. The amount of work certified at the end of the first year was $1,00,000. The work certified up to the end of the second year was $ 3,50,000. 80% of the certified work was received in cash. Profit to be taken credit for are 1/3 and on a cash basis in each of the first two years respectively. Depreciate plant by 10% on balance at the beginning of each year. Prepare the Contract Account