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Problem 10: (Collections) Case 1: Santana Builders began construction work in 20x0 for a project with contract price of P24,000,000. Santana Builders uses percentage of completion. The financial statements for 20x0 relating to the contract show the following: Accounts receivable P1,500,000 Construction in progress 4,800,000 Contract billings to date 4,500,000 Realized gross profit 600,000 Required: Compute the total cost incurred to date and cash collection for the year 20x0: Cost incurred to date Cash collection a P4,200,000 P3,000,000 h. 4,800,000 4,200,000 C. 4,800,000 3,000,000 4,200,000 22,500,000