On July 1, 2012, Kim Corp. obtained a contract to construct a building. The building was estimated to be built at a total of P5,250,000 and is scheduled for completion on October 2014. The contract contains a penalty clause to the effect that the other party was to deduct P17,500 from the contract price each week of delay. Completion was delayed for three weeks. Below are the data pertaining to the construction period. In 2013, there was an increase in the contract price in the amount of P200,000 per cost escalation clause. Kim Corp. uses percentage of completion method. 2012 2013 2014 Costs incurred P 525,000 P 1,932,000 P 325,500 Estimated costs to complete 2,100,000 273,000 Billings to customers 420,000 4,567,500 1,260,000 17. How much is the excess of construction in progress over progress billings or progress billings over construction in progress in 2012? (current asset or current liability) P 840,000 current asset c. P 800,000 current asset a. b. P 840,000 current liability d. P 630,000 current asset 18. How much is the excess of construction in progress over progress billings or progress billings over construction in progress in 2013? (current asset or current liability) a. + 682,500 current asset c. P 262,500 current liability b. P 635,250 current asset d. P 635,250 current liability