EX-3. - NEWBEE Construction Company began operations in 2017. Construction activity for 2017 is shown below. NEWBEE uses the cost-recovery method

Contract......Contract Price...Billings Through 12-31-2017........Collections Through 12-31-2017.............Costs to 12-31-2017........Estimated cost to Complete.

1 .....................P 3,200,000..........................P 3,150,000...........................................P 2,600,000..........................................P 2,150,000 ...........................................0.

2.........................3,600,000...............................1,500,000............................................1,000,000..................................................820,000.................................P 1,880,000

3........................3,300,000...............................1,900,000............................................1,800,000...............................................2,250,000.....................................1,200,000

1. Which of the following should be shown on the income statement for 2017 related to Contract 1?

2. Which of the following should be shown on the statement of financial position at December 31, 2017 related to Contract 2?

3. Which of the following should be shown on the statement of financial position at December 31, 2017 related to Contract 3?