1. What is the percentage of completion for this project in 2015? 2. What is the amount of estimated gross profit that will be recognized in 2015?

Use the following information to answer questions 21 and 22: On January 3, 2015, Kuraptors Inc. enters into a contract to construct a dam for P8,000,000. Kuraptors uses the cost-to-cost method to determine the percentage completed. During the construction period, the original contract was modified that eventually changed the provision of the contract. The following schedule summarized these changes in 2015. Cost Incurred 2015) P1,600,000 10,000 Estimated Cost to Complete P5,005,000 10,000 10,000 60,000 Contract Price P8,000,000 25,000 Original Contract Change order No. 1 Change order No. 2 Change order No. 3 60,000 Negotiable (at least cost) 20,000 25,000 Change order No.4