1.How much is the Gross Profit/Loss Realized in 2018?*

Celestial Holdings Co. began constructing a condominium on January 1, 2017 for a contract price of P1,250,000. The entity has assured collection of its contract and the costs can be reliably estimated. For the year ended December 31, 2018, Celestial billed its client an additional 60% of the contract price. Data relating to the construction are as follows: 2017 2018 2019 Construction in Progress 300,000 Estimated Cost to Complete ? Cost Incurred 250,000 600,000 112,500 Excess of CIP over PB 25,000 (125,000)Double Dragon receives a contract to build a building over a period of 3 years for a price of P14,000,000. Information relating to the performance of the contract is summarized as follows: 2017 2018 2019 Construction Costs incurred- yearly 3,000,000 4,840,000 3,360,000 Estimated Costs to Complete 7,000,000 3,360,000 Billings during the year 2,400,000 5,200,000 6,400,000 Collections during the year 2,000,000 5,400,000 6,600,000PAPASA 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 3,500,000Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project: 2017 2018 2019 Costs incurred to date 2,160,000 4,500, 000 7,520,000 Estimated cost to complete 6,840,000 5,500,000 1,880,000 Progress Billings to date 2,304, 000 4,320,000 7,680,000 Cash Collections for the year 1,728,000 3,240,000 5,760,000Xurpas Homes entered into a construction agreement in 2018 for the construction of condominium buildings. The original contract price was P20,000,000 but a change order was issued in 2019 that increases the price by P2,000,000. The percentage of completion method is used by the company in recognizing revenue. The following are information regarding the company. 2018 2019 Costs incurred to date 10,200,000 17,400,000 Estimated Costs to Complete 10,200,000 4,350,000 Billings Made 9,800,000 16,350,000 Cash Collections 8,760,000 15,000,000