ETON CONSTRUCTION COMPANY is recognizing income from long term construction contracts. In 2013,ETON entered into a fixed-price contract to construct a fly-over connecting Luzon and Mindanao for P65,000,000. Estimated costs and contract costs incurred up to 2016 were as follows:

Year Costs incurred Estimated cost at completion Progress Billings

2013 P15,000,000 P60,000,000 P15,000,000

2014 6,700,000 62,000,000 6,000,000

2015 24,500,000 66,000,000 25,000,000

2016 16,800,000 63,000,000 19,000,000

Using percentage-of-completion method, compute for the following:

1. How much is the realized gross or (loss) profit in 2015 and 2016?

2. How much is the Revenue earned in 2015 under percentage of completion based on gross profit?

3. How much is the Revenue earned in 2015 under percentage of completion based on Contract Price (Revenue)? (% of completion for the current year X total contract price)

4. How much is the CIP net in 2016?

5. How much is the actual cost of construction in 2015 for income statement presentation purposes?