Problem 4. I Knew You Were Rubble Inc. entered into a long-term construction contract to construct a sophisticated flood drainage system to prevent people from drowning, for an initial contract price of P20,000,000. During 2024, the contract price increased due to the change in the project design. The following data were available: 1. How much is the cost of construction to be recognized in the company's income statement for the year ended December 31,2024 ? A. 4,800,000 B. 10,800,000 C. 11,000,000 D. 12,000,000 2. How much is the construction revenue to be recognized in the company's income statement for the year ended December 31,2024 ? A. 8,800,000 B. 7,800,000 C. 6,600,000 D. 6,000,000