6. MG Corp. recognizes construction revenue and cost using the percentage of completion method. During 2021, a single long term project begun which continued through 2022. Information on the project follows: Collections Construction in progress net of billings Contract billings 2021 P200,000 44,000 current assets 200,000 2022 P600,000 112,000 current liability 840,000 34,000 100,000 Current year gross profit 7. How much is the cost incurred each year? A. 210,000; 594,000 B. 125,000; 356,000 C. 210,000; 384,000 D. 125,000; 796,000