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In 2021, A construction contract was entered into by X Corporation. Data are as follows: 2021 2022 Construction cost to 148,750 420,000 date Excess of
In 2021, A construction contract was entered into by X Corporation. Data are as follows: 2021 2022 Construction cost to 148,750 420,000 date Excess of Construction in Progress over Billings 38,750 (61,250) - Contract Asset / (liability) Progress Billings 145,000 612,500 Collection from the 135,000 437,500 contract Compute the percentage of completion as of 2022 if the total contract price is P 1,513,250. 28% 36% 25% 44%
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