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3 points 1. On January 1, 2016, Brave Construction Corporation began constructing a P2,100,000 building. The entity used the percentage of completion method. For the year ended December 31, 2017, Brave Construction billed its client an additional 55% of the contract price. How much is the estimated remaining cost in 2016? * * 2018 ? Construction in progress Estimated cost to complete Costs incurred Excess of construction in progress over billings 2016 441.000 ? 425,250 (84,000) 2017 ? ? 969,000 (330,750) 675,750 A. P1,599,750 B. P2,025,000 O C. P1,680,000 D. P1,584,000 3 points 2. Using the information found in the question #1, how much is the realized gross profit (loss) in 2017? * A. P(45,000) B. P15,750 O C. P(60,750) BO D. P30,000 3 points 3. Using the information found in #1, how much is the balance of construction in progress in 2017? * A. P1,680,000 B. P2,010,750 C. P1,349,250 D. P1,365,000