On January 1, 2031, Dev't Corp. accepted a long-term construction project to build a condominium at fixed contract price of P100M. The outcome of the construction project cannot be estimated reliably. The following data are provided by the accountant and project manager concerning the construction costs for the three years of construction: 12/31/2033 Year 12/31/2031 12/31/2032

On January 1, 2031, Dev't Corp. accepted a long-term construction project to build a condominium at fixed contract price of P100M. The outcome of the construction project cannot be estimated reliably. The following data are provided by the accountant and project manager concerning the construction costs for the three years of construction: 12/31/2033 Year 12/31/2031 12/31/2032

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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