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Question - On January 1, 2020, Megaworld Inc. accepted a long-term construction contract to building a condominium with a total contract price of P30,000,000. For the two years ended December 31, 2020 and 2021, the following data were provided by Megaworld Inc.:
12/31/2020
12/31/2021
General administration cost which is not reimbursable under the contract for the year
P2,000,000
P3,000,000
Site labor costs including site supervision for the year
P3,500,000
5,000,000
Selling costs for the year
P4,000,000
1,000,000
Cost of direct materials used in construction for the year
P2,500,000
P3,400,000
Estimated cost to complete the condominium at your end
P3,600,000
Megaworld Inc. billed its client 30% during 2020 and 40% during 2021. The outcome of the construction contract can be estimated reliably.
What is the balance of the Construction in Progress in excess of Progress Billings / (Progress Billings in excess of Construction in Progress) to be presented in the Megaworld's December 31, 2021 Statement of Financial Position?
Requirements -
-How much is the Asset?
-How much is the Liability?
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