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What amount of net income should have been recognized

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Reference no: EM132942879

During 2009, Mason Construction, Inc. started work on a P 5,200,000 fixed price construction contract to be completed in two years.

The accounting records disclosed the following data for the year ended December 31, 2009:

Cost incurred P 2,650,000;

Estimated cost to complete 2,720,000;

Progress billings 2,500,000;

Collections 2,000,000.

Problem 1: What amount of net income or loss should have been recognized in 2009?

Reference no: EM132942879

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