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How much is the contract asset

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Question - In 2021, ABC Company agreed to construct a commercial building at a price of P7,500,000. ABC uses the percentage of completion method. The information relating to the costs and billings for the contract were as follows:

 

2021

2022

2023

Cost incurred to date

P2,100,000

P4,500,000

P5,887,500

Estimated cost to complete

3,900,000

1,500,000

0

Progress billings to date

1,125,000

3,000,000

7,500,000

Collection to date

900,000

2,400,000

7,050,000

If the outcome of the contract cannot be estimated reliably, how much is the contract asset (liability) as of December 31, 2022 using View 1 of the PIC?

Reference no: EM133188050

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