The SUN Construction signed a contract to build a dam over a period of 3 years for a price of P20,000,000. Information relating to the performance of the contract is summarized as follows:

2017 2018 2019

Construction costs incurred during the year 4,000,000 8,000,000 12,000,000

Estimated costs to complete 12,000,000 12,000,000 -

Billings during the year 3,000,000 7,000,000 10,000,000

Collections during the year 2,600,000 7,200,000 10,200,000

Prepare the entries under the percentage of completion.