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Output method - Uncertainty in collectability of revenue 16. Eureka Co. started work on a P10M fixed price construction contract in 20x1. The performance obligation in the contract is satisfied overtime. Eureka Co. measures its progress based on professional survey of performance completed to date (i.e., an output method). The estimated total contract costs are P6M. Information on the contract is as follows: 20x1 20x2 Costs incurred per year 2,700,000 1,980,000 Progress on the contract 42% 80% The customer accepted all billings but defaulted in its payment in 20x2. Eureka Co. assessed, on December 31, 20x2, that it cannot collect 4% of the total contract price. Requirement: Compute for the revenues, costs of construction and profits recognized in 20x1 and 20x2, respectively