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Problem 3. On December 31, 2022, Back To Developers Corp. entered into a construction contract to build a baseball park. The contract had the following provisions: - The total contract price is P 16,000,000. - A mobilization fee equivalent to 6.25% of the total contract price is due 1 week from contract signing, deductible at completion of project. - Half of the contract price will be billed by the end of 2023,20% of the total contract price by the end of 2024 , and the remaining 30% balance at project completion. - Retention provision of 10% on all billings. After the first year of construction, P4,000,000 construction costs were incurred, which was equivalent to 40% of the total estimated cost to complete the project. After the second year, an additional P5,000,000 construction costs were incurred, for a total of 75% completion estimate using the cost-tocost method. 1. How much was collected from the customer in 2023 ? A. 7,200,000 B. 8,000,000 C. 8,100,000 D. 8,200,000 2. How much is the construction in progress, net as of December 31, 2024? A. 800,000 asset B. 1,600,000 liability C. 2,400,000 asset D. 5,600,000 liability 3. How much is the construction revenue for the year ended December 31,2024 ? A. 5,600,000 B. 6,400,000 C. 12,000,000 D. 16,000,000