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Question 1 - In 2018, SM Residences entered into a 3-year agreement in to construct a condominium project for a contract price of P10,000,000. SM recognizes construction contract under the percentage of completion method. The following balances were found in SM's books:
Progress Billings
Accounts Receivable
Construction in Progress
Costs incurred to date
2018
2,000,000
1,000,000
3,500,000
2,800,000
2019
3,000,000
1,200,000
6,500,000
5,500,000
Required - What is the percentage of completion in 2019?
Question 2 - Ayala Homes is a construction company who uses the percentage of completion method in accounting for its income. The company began constructing a building in the year 2019 for a contract price of P5,000,000. For the year ended 2019, the company billed its clients a total of 30% of the contract price. The books of the company show the following balances:
-Costs incurred to date P900,000
-Construction income to date P300,000
Required - How much is the company's contract asset (liability) for the year 2019?
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