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

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 3,500,000Triple 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 5,760,000