Company has used the cost-to-cost percentage of completion method of recogniting profits, Michael V assumed leadership of the business after the recent death of his father, Rudy V

Company has used the cost-to-cost percentage of completion method of recogniting profits, Michael V assumed leadership of the business after the recent death of his father, Rudy V. In reviewing the records, Michael V finds the following information regarding a recently completed building project for which the total contract price was P5,000,000 Construction in progress account balance 2012 P1,000,000 Construction cost incurred during 20x4 2,050,000 Gross profit (loss) recognized in 2002 100,000 Gross profit foss) recognised in 20x3 350,000 Gross profit (loss) recognized in 2014 (50,000) Questions 1. How much cost was incurred in 2013? 2. How much must be the balance of Construction in Progress account at the end of 2013? 3. How much is the estimated cost to complete the project at the end of 2003?