On January 1, 2017, Build Company entered into oil a construction contract with an owner to build an refinery. The contract has the following characteristics; the oil refinery is highly customized to...

Extracted text: On January 1, 2017, Build Company entered into oil a construction contract with an owner to build an refinery. The contract has the following characteristics; the oil refinery is highly customized to the owner's specifications and changes to these specifications by the owner are expected The oil refinery does not have an alternative use to Non-refundable, interim progress payments are required as can cancel the contract at any time (with a termination penalty); any work in process is the property of the As a result, another entity would not need to re-perform the tasks over the contract term. the contractor. a. mechanism to finance the contract. The owner owner. performed completion of the contract. single performance obligation evidences suggests that to date. Physical possession and title do not pass until The contractor determines that the contract has a to build the refinery. The majority of the contractor's performance creates an is being transferred assets that the customer controls and control over time. Build concludes that input method (cost to cost method) instead of output method is reasonable method for measuring the progress toward satisfying its a more performance obligation. duration is 3 years with estimated contract cost as of December 31, 2017 is P200M. including represent/depict the The contract total revenue of P300M. The total estimated contract The Cost incurred during year 2017 as 120M P20M related to contractor-caused inefficiencies which do not transfer of goods or services to the customer. As of December 31, 2018, the total estimated contract cost becomes 250M due to increase in cost of raw materials. contractor-caused inefficiencies which do The cost incurred during 2018 is P105M including P5M related to not represent/depict the transfer of goods or services to the customer. Under IFRS 15, what is the net income/(loss) for the years ended December 31, 2017 and 2018? to be reported by the company