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CASE11 CMCM Corp. began work in 2015 on a contract for P20,000,000. Other data are as follows: 2015 2016 Costs Incurred to Date P8,000,000 P15,000,000 Estimated Costs to Complete 7.000,000 Billings to Date 5,000,000 20,000,000 Collections to Date 4,000,000 15,800,000 How much gross profit should be recognized by CMCM Corp. on 2015 under the Percentage-of-Completion method