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CASE 3 Tigasin Builders Company began its construction activities in 2017. At the end of its first year's operation, the following projects (and other relevant information) are still uncompleted: Project Contract Price Billings thru Collections 12/31 thru 12/31 Actual costs Est cost to thru 12/31 Complete, 12/31 12,400,000 3,100,000 3,390,000 13,560,000 Angeles City 15,000,000 Palo City 17,500,000 10,000,000 5,500,000 9,000,000 5,250,000 Tigasin Builders will use the cost-to-cost percentage of completion in accounting for the Angeles City project, while the cost recovery method will be used for the Palo City project. 1. Compute the Construction Revenue to be recognized by Tigasin Builders for the Angeles City project in 2017. 2. Determine how (1) the Angeles City Project and (2) the Palo City Project will be shown on the year-end balance sheet. CASE 3 Tigasin Builders Company began its construction activities in 2017. At the end of its first year's operation, the following projects (and other relevant information) are still uncompleted: Project Contract Price Billings thru Collections 12/31 thru 12/31 Actual costs Est cost to thru 12/31 Complete, 12/31 12,400,000 3,100,000 3,390,000 13,560,000 Angeles City 15,000,000 Palo City 17,500,000 10,000,000 5,500,000 9,000,000 5,250,000 Tigasin Builders will use the cost-to-cost percentage of completion in accounting for the Angeles City project, while the cost recovery method will be used for the Palo City project. 1. Compute the Construction Revenue to be recognized by Tigasin Builders for the Angeles City project in 2017. 2. Determine how (1) the Angeles City Project and (2) the Palo City Project will be shown on the year-end balance sheet