Use the following information for Numbers 11 and 12. ACE Construction Co. uses to overtime/percentage-of-completion method. In 2020, ACE began work on a contract for P11,000,000; it was completed in 2021. The following cost data pertain to this contract: Year Ended December 31 Year Ended December 31 2020 2021 Cost incurred P3,900,000 P2,800,000 Estimated costs to complete at the end of the year 2,600,000 Question No. 11 - What is the amount of gross profit to be recognized on the income statement for the year ended December 31, 2021? Question No. 12 - If the point-in-time/cost-recovery method of accounting was used, what is the amount of gross profit to be recognized for the years 2020 and 2021