Solution in good accounting form.
Extracted text: On March 1, 2022, AGGREGATES Company enters a contract to build a hotel which is estimated to revenue over time. Data on this project for 2022-2024 follow: cost P31,200,000. The company recognizes construction Contract Costs Est'd Costs Billings 10,500,000 12, 500,000 14,440,000 to Complete 20,540,000 13,156,000 incurred 2022 2023 2024 5,460,000 9,984,000 15,756,000 The contract contains a penalty clause that penalizes the company a reduction of P70,000 from the contract price for every week of delay. contract was delayed for 8 weeks In 2024, the What is the gross profit for 2024? A. 1,164,000 C. 1,724,000 в. 1,466,400 D. 1,824,000