Reference no: EM132753554
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 total contract price of the project is:
Option 1: P 11,000,000
Option 2: P10,500,000
Option 3: P11,500,000
Option 4: P10,000,000
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