PAPASA Co. has consistently used the percentage of completion to account for its construction projects. On January 31, 2017, the company began work on a P4,500,000 construction contract. At the...

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Extracted text: PAPASA Co. has consistently used the percentage of completion to account for its construction projects. On January 31, 2017, the company began work on a P4,500,000 construction contract. At the inception date, the estimated cost of the construction was P3,375,000. The following relates to the project Gross Profit- 2017 450,000 Cost incurred to date- 2018 2,700,000 Estimated cost to complete- 2018 900,000 Progress billings 2018 3,500,000