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How much is the profit recognized

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In 20x1, Silverchair Co., a construction company, enters into a contract with a customer for the construction of a building. The contract states a fixed fee of P8,700,000. Silverchair's performance obligation in the contract is satisfied over time. Silverchair uses the 'cost-to-cost' method in measuring its progress in the contract.

Information on the contract follows:

                                                                       20x1               20x2

Estimated total costs at completion        6,525,000       6,960,000

Percentage of completion                           15%                 65%

Problem 1: How much is the profit recognized in 20x2?

Reference no: EM132702594

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