PROBLEM 2 On January 1, 2019, CORONA Inc. obtained a contract to construct a building. It was estimated at the beginning of the contract that it would take 3 years to complete the project at an expected cost of P200,000. The contract price was P250,000. The following information describes the status of the job at the close of production each year: Actual costs incurred. Estimated costs to complete ...... Billings on contract ...... Collections on contract 2019 2020 2021 P150,000 P100,000 P15,000 90,000 20,000 0 110,000 120,000 20,000 100,000 120,000 30,000 Compute the items listed below for each year assuming the use of the percentage-of- completion cost-to-cost method. (Round all percentages to two decimals.) Show your solution 2019 2020 2021 1. Construction costs (expense) recognized during the year.... 2. Gross profit recognized during the year 3. Balance in the construction in progress account at Dec. 31 (after closing entries) ....... 4. Balance in accounts receivable at Dec 31 (after closing entries)