Manny is in fourth year of business. Many performs long-term construction projects and accounts them using the percentage of completion method. Manny built an apartment building at a price of P500,000. The cost and billings for this contract for the first three years are as follows:

Particulars201420152016

Cost incurred to dateP160,000P300,000P395,000

Estimated costs yet to be incurred240,000100,000-0-

Customer billings to date75,000205,000500,000

Collections of billings to date60,000170,000475,000

Determine the income from construction in 2016.

Group of answer choices

P35,000

P30,000

P40,000

P75,000