(2) Consider a project that will be completed in four years. Total Project Cost=P140M Fixed Project Revenue=P210M Year Projects Costs Incurred 40M 2 25M 3 45M 30M Total 140M Given the above information and assuming that things will happen as projected, what would be the amount of revenues to be recognized for each of the four years for the following conditions: (a) using percentage-of-completion method (b) using completed contract basis (c) using straight cost plus contract with a mark-up of 25% (d) if after the first year of operations, costs were found to be only half of the projected cost, would revenue for the first year be the same as in (a)? If not, what would be the amount of revenue that should be recognized for the first year