Redsiam, Inc. began work in 2020 on contract #3814, which provided for a contract price of P7,200,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 P1,200,000 3,600,000 1,350,000 900,000 2021 P3,675,000 0 5,400,000 5,850,000 Assume that Redsiam uses the completed-contract method of accounting. The portion of the total gross profit to be recognized as income in 2021 is Your answer Manila Builders contracted to build a high-rise for P14,000,000. Construction began in 2010 and is expected to be completed in 2023. Data for 2020 and 2021 are: 2020 2021 Costs incurred to date P1,800,000 P5,200,000 Estimated costs to complete 7,200,000 4,800,000 Manila uses the percentage-of-completion method. How much gross profit should be reported for 2021? Your answer Remington Construction Company uses the percentage-of-completion method. During 2020, the company entered into a fixed-price contract to construct a building for Sherman Company for P30,000,000. The following details pertain to the contract: At December 31, 2020 At December 31, 2021 Percentage of completion 25% 60% Estimated total cost of contract P22,500,000 P25,000,000 Gross profit recognized to date 1,875,000 3,000,000 The amount of construction costs incurred during 2021 was Your