N Power Corporation was tapped to build two private power plants in Cabuyao and Calamba. The following information relates to these projects, which were started in x6: Contract price Cabuyao Calamba P10,500,000 P7,500,000 Costs incurred to date 6,000,000 7,000,000 Estimated costs to complete 3,000,000 1,000,000 Billings during the year 3,750,000 6,750,000 Collections during the year 2,250,000 6,250,000 What is the gross profit (loss) of N for x6 if the percentage of completion method is used? a. (P 500,000) b. P 562,50 c. P1,000,000 d. P 500,000 vt