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What the total amount of profit or loss to be reported

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Question - Resto Construction Company started work in two job sites of Palmera Homes during the current year. Data relating to the jobs are given below:

Job #1: Camella Prestige

Contract Price 50M

Costs incurred 10.5M

Est. Costs to complete 31.5M

Billings on contract 12.5M

Collections on contract 10M

Job #2: Camella Geenville

Contract Price 20M

Costs incurred 6.3M

Est. Costs to complete 14.7M

Billings on contract 6.5M

Collections on contract 6M

What the total amount of profit or loss to be reported on these projects?

A. P2.3M

B. P2M

C. P1.7M

D. P1M

Reference no: EM133034630

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