ABC Construction Corporation uses the percentage of completion method of recognizing income from long term construction...

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ABC Construction Corporation uses the percentage of completion method of recognizing income from long term construction contacts. In 20x4 ABC entered into a fixed price contract to construct a bridge for P 30,000,000. Estimated costs to complete the construction and contract costs incurred up to 20x4 were as follows: Cumulative Costs Incurred As of December 31, 20x4 - P 2,000,000 As of December 31, 20x5 - P 11,000,000 As of December 31, 20x6 - P 20,000,000 Estimated Costs to Complete As of December 31, 20x4 - P 16,000,000 As of December 31, 20x5 - P 11,000,000 As of December 31, 20x6 - P 4,000,000 What is the percentage of completion during the year 20x6? ABC Construction Corporation uses the percentage of completion method of recognizing income from long term construction contacts. In 20x4 ABC entered into a fixed price contract to construct a bridge for P 30,000,000. Estimated costs to complete the construction and contract costs incurred up to 20x4 were as follows: Cumulative Costs Incurred As of December 31, 20x4 - P 2,000,000 As of December 31, 20x5 - P 11,000,000 As of December 31, 20x6 - P 20,000,000 Estimated Costs to Complete As of December 31, 20x4 - P 16,000,000 As of December 31, 20x5 - P 11,000,000 As of December 31, 20x6 - P 4,000,000 What is the percentage of completion during the year 20x6?

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