Advanced Financial Accounting & reporting - Long term construction contracts

Balanga Construction Company recognized gross profit of P448,000 on its long-term project which has accumulated costs of P3,430,000. To finish the project, the company estimates that it has to incur additional cost of P6,370,000. Compute the amount of contract price O a. P10,248,000 O b. P8,820,000 O c. P6,384,000 d. P11,080,000