On 1 October 20X2 Pricewell Co entered into a contract to construct a bridge over a river. The total contract revenue was m
Materials, labour and overheads                                        12
Specialist plant acquired 1 October 20X2                            8
The sales value of the work done at 31 March 20X3 has been agreed at 10 million. The specialist plant will have no residual value at the end of the contract and should be depreciated on a monthly basis. Pricewell Co recognises satisfaction of performance obligations on the percentage of completion basis as determined by the agreed work to date compared to the total contract price.
What is the profit to date on the contract at 31 March 20X3