Question: 11. The MOON Construction signed a contract to build a dam over a period of 3 years for a price of P40,000,000. Information relating to

11. The MOON Construction signed a contract to build a dam over a period of 3 years for a price of P40,000,000. Information relating to the performance of the contract is summarized as follows:

2020 2021 2022

Construction costs incurred during the year 8,000,000 16,000,000 24,000,000

Estimated costs to complete 24,000,000 24,000,000 -

Billings during the year 6,000,000 14,000,000 20,000,000

Collections during the year 5,200,000 14,400,000 20,400,000

Computetheprofitorlossforeachyearofthecontractunderthepercentage-of-completionmethod,

and journal entries

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