good progress spa entered into a contract on 1 1 20×0 at a contract price of 1 000 0 1572113

Good Progress SpA entered into a contract on 1.1.20X0 at a contract price of 1,000,000 and an estimated total profit of 250,000. The contract was due for completion on 31.12.20X4. The following information was available. As at 31.12.20X0: The contract was 25% complete and an architect’s certificate was issued for 250,000. As at 31.12.20X1: The contract was 40% complete and an architect’s certificate was issued for 400,000.

Required:

Prepare the statement of comprehensive income entries for the years ended 31 December 20X0 and 20X1 and the statement of financial position entries as at those dates.