On January 1, 2031, Dev't Corp. accepted a long-term construction project to buil condominium at a fixed contract price of P100M. The outcome of the construction project car be estimated reliably. The following data are provided by the accountant and project mana concerning the construction costs for the three years of construction: Year 12/31/2031 12/31/2032 12/31/20: Cumulative costs incurred as of the end of the year P40,000,000 P50,000,000 P70,000,0 P60,000,000 P20,000,0 Estimated cost to complete at the end of the year P90,000,000

On January 1, 2031, Dev't Corp. accepted a long-term construction project to buil condominium at a fixed contract price of P100M. The outcome of the construction project car be estimated reliably. The following data are provided by the accountant and project mana concerning the construction costs for the three years of construction: Year 12/31/2031 12/31/2032 12/31/20: Cumulative costs incurred as of the end of the year P40,000,000 P50,000,000 P70,000,0 P60,000,000 P20,000,0 Estimated cost to complete at the end of the year P90,000,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 18RE

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