Problem 11. On July 1, 2012, Great Corp. obtained a contract to construct a building. The building was estimated to be built at total of P5,250,000 and is scheduled for completion on October 2014. The construct 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. Great Corp. uses percentage of completion method. 2014 P 325,500 Costs incurred Estimated cots to complete Billings to customers 2012 P 525,000 2,100,000 420,000 2013 P 1,932,000 273,000 4,567,500 1,260,000 Questions: 1. 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) a. P 840,000 current asset b. P 840,000 current liability C. P 800,000 current asset d. 800,000 current liability 2. 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. P 682,500 current asset b. P 682,500 current liability C. P635,250 current asset d. P635,250 current liability