Tigasin Builders Company began its construction activities in 2017. At the end of its first

year's operation, the following projects (and other relevant information) are still

uncompleted:

Project Contract

Price

Billings thru

12/31

Collections

thru 12/31

Actual costs

thru 12/31

Est cost to

Complete, 12/31

Angeles City 15,000,000 10,000,000 9,000,000 12,400,000 3,100,000

Palo City 17,500,000 5,500,000 5,250,000 3,390,000 13,560,000

Tigasin Builders will use the cost-to-cost percentage of completion in accounting for the

Angeles City project, while the cost recovery method will be used for the Palo City

project. 1. Compute the Construction Revenue to be recognized by Tigasin Builders for the

Angeles City project in 2017. 2. Determine how (1) the Angeles City Project and (2) the Palo City Project will be shown

on the year-end balance sheet.

Tigasin Builders Company began its construction activities in 2017. At the end of its first year's operation, the following projects (and other relevant information) are still uncompleted: Project Contract Billings thru Collections Actual costs Est cost to Price 12/31 thru 12/31 thru 12/31 Complete, 12/31 Angeles City 15,000,000 10,000,000 9,000,000 12,400,000 3,100,000 Palo City 17,500,000 5,500,000 5,250,000 3,390,000 13,560,000 Tigasin Builders will use the cost-to-cost percentage of completion in accounting for the Angeles City project, while the cost recovery method will be used for the Palo City project. 1. Compute the Construction Revenue to be recognized by Tigasin Builders for the Angeles City project in 2017. 2. Determine how (1) the Angeles City Project and (2) the Palo City Project will be shown on the year-end balance sheet