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What is reported in the balance sheet at december

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Problem 1: At December 31, Ox5, Seasons Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to P14,400,000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 20x5 for Seasons as the difference between the Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit?

Difference between the accounts       Debit/Credit

a. P3,380,000                                   Credit
b. P1,240,000                                  Debit
c. P 880,000                                 Debit
d. P1,240,000                               Credit

Reference no: EM132804207

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