On January 1, 2018, DMCI Company started the construction of a building at a fixed contract price of P1,000,000. On the same date, the customer paid a mobilization fee equal to 5% of contract price that will be deductible from the first billing. The outcome of construction contract cannot be estimated reliably During 2018, the entity billed the customer equivalent to 30% of the contract price. During 2019, the entity billed again the customer amounting to 20% of the contract price. During 2020, the entity billed again the customer amounting to 40% of the contract price. The remaining billing was made at the year of completion of the project. The entity made collection from the customer at the end of 2018, 2019 and 2020, in the amount of P120,000, P450,000 and P180,000, respectively. The entity provided the following data concerning the direct costs related to the said project: 2020 S70,000 50,000 2018 2019 Cumulative costs incurred at year-end 360,000 800,000 Remaining estimated costs to complete at year- end 840,000 250,000 What is the balance of accounts receivable on December 31, 2020? Group of answer choices 50,000 100,000 120,000 150,000