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Lahar Construction Corporation contracted with the City of Page construct a dam at a price of P16.000.000 Lhar expects to em P1 S2 the contract. The percentage of completion method is to be used the completion stage is to be determined by estimates made by the engre the proportional method. The following schedule summarizes the activities the contract for the years 2018-2020 Collectie Year Cost Incurred Estimated Engineer's Cost to estimate of Complete completion Billings on Contract 2018 P4,600.000 9.640,000 31% P5.000.000 P4.500.000 2019 4.500.000 5,100,000 58% 6,000,000 5400.000 2020 5.250.000 0 100% 5,000,000 6.100.000 Required: 7. How much is the construction in progress as of the end of 2018? Lahar Construction Corporation contracted with the City of Page construct a dam at a price of P16.000.000 Lhar expects to em P1 S2 the contract. The percentage of completion method is to be used the completion stage is to be determined by estimates made by the engre the proportional method. The following schedule summarizes the activities the contract for the years 2018-2020 Collectie Year Cost Incurred Estimated Engineer's Cost to estimate of Complete completion Billings on Contract 2018 P4,600.000 9.640,000 31% P5.000.000 P4.500.000 2019 4.500.000 5,100,000 58% 6,000,000 5400.000 2020 5.250.000 0 100% 5,000,000 6.100.000 Required: 7. How much is the construction in progress as of the end of 2018

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