Answer the following. Thank you. The 2nd pic is the continuation

the total contact costs would amount to P16,000,000 over the construction period. George incurs contract costs of P2,000,000 during the year. How much revenue is recognized for the year? a. 2,000,000 c. 4,000,000 b. 2,500,000 d. 0 2. On May 1, 20x1, Pressure Co. entered into a P3M fixed price contract to construct a gym for a customer. Pressure Co. appropriately accounts for this contract using the percent of completion method based on costs. Information on contract is as follows: The perfo 20x1 4. Builder C Percentage of completion 20% 20x2 performan Estimated total cost at completion 2,250,000 60% costs incu Profit recognized to date 150,000 2,400,000 cost of con 360,000 Gross pro How much are the revenue and cost of construction recognized in a. 20x2? 0 Revenue Cost of construction C. 0 a. 1,200,000 990,000 d. (240,00 b. 1,800,000 600,000 C. 1,800,000 1,200,000 5. At contra d. 600,000 450,000 accordance AIGDA . hac a s