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Samson enters into a construction contract on Year 1, they contractor agrees a fixed price of P8,500,000. The contractor initial estimate of the contract costs is P7,200,000. It is expected to finishing in 3 years.

	Costs incurred	Estimated cost to complete
Year 1	2,093,000	5,100,000

In year 2 the customer and contract agree to a variation resulting in an increase in contract price of P200,000 and estimated additional contract costs of P150,000. At the end of Year 2, costs incurred of P3,775,000 include P125,000 paid for standard materials stored at the site to be used in Year 3 to complete the project. The company uses cost to cost apprach in recognizing revenue.

1. Percentage of completion in Year 1.
2. Determine the profit in Year 2.
3. Determine the revenue in Year 2.
4. Determine the profit in Year 3.