Yamma group Lim|ted entered into an agreement to build a boat for $2,500 million and a reliable estimate of the projects total cost is $2,000 million. Project costs incurred by Yamma are as follows:

Year	2014	2015	2016	Total
Cost incurred	$800 million	$900 million	$300million	$2,000 million

Determine Gammas net income from this project for each year using percentage-of-completion and completed contract methods. Also, show the yearly revenues and expenses. (3+2 = 5) Marks

Yamma Group Limited entered into an agreement to build a ship for $2,500 million and a reliable estimate of the project's total cost is $2,000 million. Project costs incurred by Yamma are as follows: Project Costs Year Cost incurred 2014 $800 million 2015 2016 $900 million $300million Total $2000 million Determine Yamma's net income from this project for each year using percentage-of-completion and completed contract methods. Also, show the yearly revenues and expenses. [3+2 = 5 marks]