Solidrock Construction contracted to build a ship over a two-ycar period, The contract price was P21.000 000 with an estimated total cost of P18 400.000 The following cost data relating to the construction period. Costs Incurred Estimated Cost Cash Year in Year to Complete Billines P11,000,000 Collected P7.500,000 2019 P9.000.000 P11.000.000 2020 9.500.000 4,000,000 8,000,000 2.000,000 9,000.000 2021 4,500.000 Prepare the necessary journal entries for 2010, and 2011 assuming Solidrock uses the percentage-of-completion method.

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