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How much income would have recognize on the contract

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Reference no: EM132779355

She Builders, Inc. has consistently used the percentage of completion method of accounting for construction type contracts. During 2014, She started work on a P9,000,000 fixed price construction contract that was completed in 2016. She's accounting records disclosed the following

                                                                  December 31
                                                                 2014                 2015
Cumulative contracts cost incurred       P3,900,000   P6,300,000
Estimated cost at completion               7,800,000      8,100,000

Problem 1: How much income would She have recognize on this contract for the year ended December 31, 2015?

Reference no: EM132779355

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