A. LONG-TERM CONSTRUCTION CONTRACTS PROBLEM 1 Sta. Clara Construction Company has used the cost to cost percentage of completion method of recognizing revenue. In reviewing the records, Sta. Clara finds the following information regarding a recently completed building project for which the total contract was P20,000,000 Gross profit (Loss) Cost incurred 2019 P 400,000 3,600,000 2020 1,400,000 7 2021 (200,000) 8,200,000 Sta. Clara wants to know how effectively the company operated during the last 3 years on this project and, since the information is not complete, has asked you to analyze the project as to the amount of revenue, costs, gross profit and percentage of completion recognized during the 3 years Required: 1. How much is the contract revenue during 2019? 2. What is the percentage of completion in 2019? 3. How much is the cost incurred in 2020? 4. What is the percentage of completion in 2020? 5. How much is the total estimated cost to complete in 2020? 6. How much is the total estimated gross profit in 2020