Question: how much profit (loss) is recognized ABC Co. started work on an P8,000,000 fixed-price construction contract in 20x1. Information on the contract is as follows:

how much profit (loss) is recognized

ABC Co. started work on an P8,000,000 fixed-price construction contract in 20x1. Information on the contract is as follows: 20x1 20x2 Costs incurred per year 2,850,000 3,670,000 Estimated costs to complete 4,275,000 1,630,000 How much profit (loss) is recognized in 20x2? AT

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