V Construction Company has used the cost-to-cost percentage of completion method of recognizing profits. Michael V assumed leadership of the business after the recent death of his father, Rudy V. In reviewing the records, Michael V finds the following information regarding a recently completed building project for which the total contract price was P5,000,000. Construction in progress account balance 20x2 P1,000,000 Construction cost incurred during 20x4 2,050,000 Gross profit (loss) recognized in 20x2 100,000 Gross profit (loss) recognized in 20x3 350,000 Gross profit (loss) recognized in 20x4 ( 50,000)

Requirements: 1. How much cost was incurred in 20x3? 2. How much must be the balance of Construction in Progress account at the end of 20x3? 3. How much is the estimated cost to complete the project at the end of 20x3?