Accounting · Contract Accounts

A construction contractor is preparing a Contract Account for an incomplete long-term project. Assess the following statements: I. The cost of a dedicated plant purchased for the contract is debited to the Contract Account and is depreciated annually, with the depreciated value forming part of the closing WIP at year-end. II. Abnormal Loss of materials is debited to the Contract Account at cost and then credited at the cost less scrap value, with the net loss being debited to the Costing P&L Account. III. The value of Work Uncertified is included in the closing WIP at its cost to the contractor and is not included in the profit recognition calculation. Which of the statements given above are correct?