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Underground Builders, Inc. has consistently used the percentage-of-completion method of accounting for construction-type contracts. In...

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Accounting

Underground Builders, Inc. has consistently used the percentage-of-completion method of accounting for construction-type contracts. In Year 1, Underground Builders started work on a P9,000,000 fixed price construction contract that was completed in Year 2. The company's accounting records disclosed the following: December 31. Year 1 Year 2 Cumulative contract costs incurred P3,900,000 P6,300,000 Estimated total costs at completion. 7,800,000 8,100,000 How much income would Underground have recognized on this contract for the year ended December 31, Year 2? P600,000 P300,000 P700,000 P100,000

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