ABC Company has used the cost-to-cost percentage-of-completion (Over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description 2018 2019 2020 Gross profit (loss) P40,000 P140,000 P(20,000) Cost incurred each year 360,000 ? 820,000 1. How much was the cost incurred in 2019? 2. What was the total estimated gross profit by the end of 2019? ABC Company began a construction project on a building for P3,000,000. The project was completed during 2020. The accounting records disclosed the following: Description 2019 2020 Progress billings during the year P1,100,000 P1,900,000 Cost incurred during the year 900,000 1,800,000 Collections on billings during the year 700,000 2,300,000 Estimated cost to complete 1,800,000 3. What is the balance of construction in progress account at the end of 2020 using overtime and point-in time method of recording revenue