"Bonifacio contractors had a 3-year construction contract in 2019 for P900,000. The company uses the percentage-of-completion method for financial statement purposes. Income to be recognized each year is based on the ratio of cost incurred to total estimated cost to complete the contract. Data on this contract follows:" Account Receivable - consutrction contract billings 30,000.00 Construction in progress 93,750.00 Less: Amounts billed 84,375.00 Net income recognized in 2019 (before tax) 9,375.00 Net income recognized in 2019 15,000.00 Bonifacio Contractors maintains a separate bank account for each construction contract. Bank deposits to this contract a mounted to P50 000. The estimated total income before tax on this contract is