Builders International Inc. recently acquired the Eastwood Company. Eastwood has incomplete accounting records. On one particular project, only the information below is available: 2010 2011 2012 Cost incurred during the year P 1,000,000 P 1.250,000 Estimated cost to complete 2,250.000 950,000 Recognized revenue 1,100.000 ? Gross profit on contract ? 50,000 (50,000) Contract price 3,500.000 Eastwood Company uses the percentage-of-completion method and the percentage of work completed is determined through surveys of work performed (engineer's estimates). Requirements: 1. Determine the following: a. Gross profit to be reported in 2010 b. Revenue to be reported in 201 1 c. Revenue to be reported in 2012 d. Cost incurred in 2012 e. Total costs on the contract 2. Assuming the percentage of work completed is determined using the cost-to-cost method, determine the gross profit for 2011. Ignore the revenue shown for 2010 and gross profit amount reported for 201 1