Use the following information for #12-#13: Eagle Homes had the following balances in its accounts at the end of the year 2018, the first year of construction of a condominium unit with a contract price of P3,500,000: 2018 2019 Construction in Progress Progress Billings to date Contract Asset (Liability) Costs Incurred for the year The project was completed in 2019. ? ? 1,200,000 3,500,000 150,000 1,100,000 1,900,000

Use the following information for #12-#13: Eagle Homes had the following balances in its accounts at the end of the year 2018, the first year of construction of a condominium unit with a contract price of P3,500,000: 2018 2019 Construction in Progress Progress Billings to date Contract Asset (Liability) Costs Incurred for the year The project was completed in 2019. ? ? 1,200,000 3,500,000 150,000 1,100,000 1,900,000

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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