Question: Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000. The outcome of the contract was estimated reliably. The

Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract: What is the construction in progress as of 2021?

Percentage of Completion

2020 - 30%

2021 - 82.5%

Estimated Costs to Complete

2020 - 3,920,000

2021 - 1,680,000

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