Problem 4 On March 1, 2022, AGGREGATES Company enters a contract to build a hotel which is estimated to cost P31, 200,000. The company recognizes construction revenue over time. Data on this project for 2022-2024 follow: Contract Costs Est'd Costs Billings incurred to Complete 2022 10, 500, 000 5, 460, 000 20, 540, 000 2023 12, 500, 000 9, 984, 000 13, 156, 000 2024 14, 440, 000 15, 756, 000 The contract contains a penalty clause that penalizes the company a reduction of P70,000 from the contract price for every week of delay. In 2024, the contract was delayed for 8 weeks What is the gross profit for 2024? A. 1, 164, 000 C. 1,724,000 B. 1, 466, 400 D. 1,824,000Problem 5 MOC Construction Company started work on three job sites during the current year . Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections Price Incurred to Complete Contract on Billings 5, 000, 000 3, 750,000 5, 000, 000 5,000,000 WN H 7, 000,000 1, 000, 000 4,000,000 900, 000 900, 000 2, 500,000 1, 000, 000 1, 000, 000 1, 500, 000 1, 000, 000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5, 500,000 C. 250, 000 B. 500,000 D. 100, 000 If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 C. 250, 000 B. 500, 000 D. 100, 000