1.In 2018, SM Residences entered into a 3-year agreement in to construct a condominium project for a contract price of P10,000,000. SM recognizes construction contract under the percentage of completion method. For the year ended 2018, the following balances were found in SM's books: Progress Billings P2,000,000; Accounts Receivable P1,000,000; Construction in Progress P3,500,000, Costs incurred to date P2,800,000. For 2019, the balances are Progress Billings P3,000,000; Accounts Receivable P1,200,000; Construction in Progress P6,500,000, Costs incurred to date 5,500,000. What is the percentage of completion in 2019? (Answer format: 1%, 20%, 50%)*

2.Ayala Homes is a construction company who uses the percentage of completion method in accounting for its income. The company began constructing a building in the year 2019 for a contract price of P5,000,000. For the year ended 2019, the company billed its clients a total of 30% of the contract price. The books of the company show the following balances: Costs incurred to date P900,000; Construction income to date P300,000. How much is the company's contract asset (liability) for the year 2019?*

3.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)