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Question 1 - On January 2, 2021, Integrity Co. sold merchandise to Honesty, Inc. for P2,500,000. The cost of items to Integrity, was P2,000,000. Honesty gave Integrity P500,000 cash and P2,000,000 note payable in 4 annual installments of P500,000 plus 12% interest. Honesty made the 1st principal and interest payment on December 31, 2021. Expenses related to the installment sale are P100,000. How much is the realized gross profit following IFRS 15?
Question 2 - MDML Construction Company entered into a construction agreement in the current year with the following:
Pasig site
Antipolo site
Contract Price
10,500,000
7,500,000
Cost incurred to date
6,000,000
5,850,000
Estimated cost to complete
3,000,000
1,950,000
Billings during the year
7,000,000
1,000,000
Collections during the year
Required - What amount of gross profit (loss) will appear in the current year's income statement?
a. 700,000
b. 775,000
c. 200,000
d. (300,000)
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