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What is the balance of the construction in progress account

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Goodhaven Construction Company recognized gross profit of P31,500 on its long-term project that has accumulated costs of P61,250. To finish the project, the company estimates that it has to incur additional cost of P122,500. Billings were made 40% of the contract price.

Problem 1: What is the balance of the Construction in Progress account net of billings?

Reference no: EM132820732

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