VII - Methods of Construction Accounting Beck Construction Company began work on a new building project on January 1, 2014. The project is to be completed by December 31, 20x6, for a fixed price of P108 million. The folosing are the actual costs incurred and estimates of remaining costs to complete the project the were made by Beck's accounting staff: Years Estimated remaining costs to complete the project measured at Dec. 31 of each year) P60,000,000 P45,000,000 Actual Costs incurred in each year P30,000,000 P45,000,000 P35,000,000 20x4 20x5 20x6 PO Required: 1. What amount of gross profit (or loss) would Beck record on this project in each yea under the overtime (percentage-of-completion) method? 2. What amount of gross profit (or loss) would Beck record on this project in each yeu under the point-in-time (cost recovery) method