Zita Ltd has supplied the following data concerning one of its contracts:

Contract price N$200 000

Cost incurred to date N$115 000
Estimated cost to complete the contract N$ 37 000
Value of work certified by architect N$120 000
Progress payments received from client N$100 000
Cost of work certified N$ 84 000

1. Calculate what amount of profit should be taken on the contract using the work certified method.
2. Calculate what amount of profit should be taken on the contract using the percentage completion method.