Use the following information for #12-413: 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 Billing s 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
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How much is the gross profit realized in 2019? 

A. P1,600,000
 
B. P1,350,000
 
C. P500,000
 
D. P250,000
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
Transcribed Image Text: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
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