construction contracts-revenue

On 1 October 2008 Pricewell entered into a contract to construct a bridge over a river. The agreed price of the bridge is £50 million and construction was expected to be completed on 30 September 2010. The £14·3 million in the trial balance is:

materials, labour and overheads 12,000
specialist plant (acquired 1 October 2008) 8,000
payment from customer (5,700)

The sales value of the work done at 31 March 2009 has been agreed at £22 million and the estimated cost to complete (excluding plant depreciation) is £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 recognises profits on uncompleted
contracts on the percentage of completion basis as determined by the agreed work to date compared to the total contract price.

MY solution:

Estimated Profit:
Rev: 50000- total costs (12000+8000+10000+2000dep)
est profit = 18000

%completed =44%

statement of P/L: Revenue=22000
COS=14080 and thus profit=7920

statement of financial position

costs to date= 22000(12+8+2dep)+7920-5700=24220 (contract asset)

this answer is different from that in the solution. They have no taken the depreciation in costs to date.

could you please explain a bit on this?

thanks 🙂