The Matibay Construction Corporation uses the percentage-of-completion method of recognizing income from long-term construction contracts. In 2016 Matibay entered into a fixed-price contract to construct a bridge for P30,000,000. Estimated costs to complete the construction and contract costs incurred up to 2016 were as follows: Cumulative Estimated costs costsincurred to complete As of December 31,2016 P 2,000,000 P16,000,000 As of December 31,2017 11,000,000 11,000,000 As of December 31,2018 20,000,000 4,000,000