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What is the loss that lake should recognize in current year

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Question - Lake Construction Co. uses the percentage of completion method for long-term construction contracts. The company has a project with a contract price of P7,000,000, on which P600,000 of gross profit has been recognized in prior years. Information for the current year is as follows:

Total cost incurred through current year P5,000,000

Estimated cost remaining at the end of the current year 2,800,000

What is the loss that Lake should recognize in the current year?

a. 600,000

b. 800,000

c. 1,400,000

d. 0

Reference no: EM132967988

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