A company commenced work on the construction of a significant asset for one of its customers on 1 May 20X5. Construction is scheduled to run for two years and the total contract price is $5m. At 31 December 20X5, the following details are obtained in re

A company commenced work on the construction of a significant asset for one of its customers on 1 May 20X5. Construction is scheduled to run for two years and the total contract price is $5m. At 31 December 20X5, the following details are obtained in relation to the contract: • The percentage complete was 50%. • Amounts invoiced to the customer totaled $1.7m. • Amounts received from the customer totaled $0.8m. What is the total amount that should be included in the statement of financial position as at 31 December 20X5 as a contract asset or contract liability?

{"name":"A company commenced work on the construction of a significant asset for one of its customers on 1 May 20X5. Construction is scheduled to run for two years and the total contract price is $5m. At 31 December 20X5, the following details are obtained in re", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"A company commenced work on the construction of a significant asset for one of its customers on 1 May 20X5. Construction is scheduled to run for two years and the total contract price is $5m. At 31 December 20X5, the following details are obtained in relation to the contract: • The percentage complete was 50%. • Amounts invoiced to the customer totaled $1.7m. • Amounts received from the customer totaled $0.8m. What is the total amount that should be included in the statement of financial position as at 31 December 20X5 as a contract asset or contract liability?","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}