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15. The DOWN Construction signed a contract to build a dam over a period of 3 years for a price of P50,000,000. Information relating to

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15. The DOWN Construction signed a contract to build a dam over a period of 3 years for a price of P50,000,000. Information relating to the performance of the contract is summarized as follows: 2020 2021 2022 Construction costs incurred during 10,000,000 10,000,000 20,000,000 the year Estimated costs to complete 30,000,000 20,000,000 Billings during the year 16,000,000 14,000,000 20,000,000 Collections during the year 15,200,000 14,400,000 20,400,000 Prepare the entries under the percentage of completion for 2020 to 2021

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