Santiago Builders began contrition work in 2020 for a project with contract price of P24,000,000. Santiago Builders uses percentage of completion. The financial statements for 2020 relating to the contract show the following: Accounts Receivable 1,500,000; Construction in Progress 4,800,000; Contract Billings to date 4,500,000; Realized Gross in 2020 600,000. How much is the total cash collection for the year 2020? Question 12Answer P4,200,000 P22,500,000 P3,000,000 P4,800,000