5. On January 1. 20x1, ABC Co. enters into a contract with a customer for the construction of a building. The contract price is ?1,000,000. The following are the transactions during 20x1: - At contract inception, the customer makes an advance payment of ?100,000 as facilitation fee. - ABC Co. incurs total contract costs of P300000 during the period. - The estimated costs to complete as of yearend amounts to ?500,000. I ABC Co. collects the billing, net of 10% retention by the customer to be used to rectify any unsatisfactory work determined at the completion of the contract. How much is the gross prot earned from the contract in 20x1? 75,000 82,000 375,000 482,000 999