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What amount of the contract was recognized last year

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Reference no: EM132942230

Solve the following problem in good accounting form. Accounting data provided last year were as follows:

Last year, Stone Builders, Inc. started work on a P10,600,000 construction contract which was completed this year. It has consistently used the percentage of completion method of recognizing income.

Debit: Progress Billings P4,300,000;

Credits: Cost incurred 3,450,000 Collections 3,900,000 Estimated cost to complete 3,630,000

Problem 1: What amount of this contract was recognized last year?

Reference no: EM132942230

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