The contract price is P130,000,000. On February 20, 2023. The contractor requested the President of AGENCY on the same date, for the advances amounted to 15% of the contract price. On February 28, 2023, the President has granted the request of the contractor. On June 30, 2023, the contractor billed AGENCY for 35% completion. Another 45% was billed on August 15, 2023 and the final billing was processed on October 31, 2023. On November 31, representative from the Commission on Audit inspected the project and based on their technical and evaluation report, the project was deemed completed with no major findings. Requirements: 1. Journalize the transaction. 2. How much is the tax withheld by the agency? 3. How much is the construction in progress at the end of the period?