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What percentage of completion for the year for lkld company

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Reference no: EM132753548

The following data were taken from the files of LKLD Company:

                                                                            December 31, 2020                      December 31, 2021

Architect's total estimated cost of completion-----------------P7,500,000------------------P8,000,000

Cost incurred ------------------------------------------------------------------------------------------3,000,000

Percentage of completion --------------------------------------------?????------------------------------- 60%

Income recognized to date---------------------------------------------500,000--------------------1,200,000

Problem 1: The percentage of completion for the year 2020 was:

Option 1: 40%

Option 2: 30%

Option 3: 25%

Option 4: 20%

Reference no: EM132753548

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