McCombs contractors received a contract to construct a mental health facility for 2,500,000 , construction was begun in 2004 and completed in 2005. Cost and other data are presented below:

Cost incurred during the year . . . ... 20x4 20x5 Estimated costs to complete . P1,500,000 P1,300,000 Billings during the year . . ... 1,200,000 0 Cash collections during the year . ... 1,200,000 1,300,000 1,000,000 1,500,000 Required: 1. Prepare the journal entries, under: a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time 2. Compute the due from/to customers: a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time 3. Compute the gross profit (loss) a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time