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Mike-Jones Ltd (Mike-Jones) entered into a contract on 31st March, 2015 to produce and deliver...

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Accounting

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Mike-Jones Ltd (Mike-Jones) entered into a contract on 31st March, 2015 to produce and deliver specialised goods to Riverbank Ltd before the end of June 2016. The agreed price is $120. According to the agreement, cancellation fee $100 would be charged if either party cancels the contract. At the end of June 2015, the minimum cost incurred to produce the goods is increased to $150. How much profit or loss should be recorded by company Mike- Jones from above case for the year ended 30 June 2016 if company Mike-Jones fulfils the contract? $30 loss $100 loss $70 profit $0

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