Reference no: EM132804210
Problem 1: Seasons Construction completes the remaining 25% of the building construction on December 31, 20x6, as scheduled. At that time the total costs of construction are P15,000,000. At December 31, 20x5, the estimates were 75% complete and total costs of P14,400,000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Seasons will recognize for the year ended December 31, 20x6?
Revenue Expenses
a. P14,880,000 P15,000,000
b. P3,720,000 P3,750,000
c. P3,720,000 P 4,200,000
d. P 3,750,000 P 3,750,000
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