2. Cord Builders, Inc. has consistently used the percentageofcompletion method of accounting for constructiontype contracts. During 2011 Cord started work on a P9,000,000 fixedprice construction contract that was completed in 2013. Cord's accounting records disclosed the following: December 31 2011 2012 Cumulative contract costs incurred P3,900,000 P6,300,000 Estimated total cost at completion 7,800,000 8,100,000 How much income would Cord have recognized on this contract for the year ended December 31,2012? 0. P100,000 b. P300,000 C. P600, 000 d. P700. 000