Please help me by showing your solution in good accounting form. Thank you! How much is the Gross Profit/Loss Realized in 2018? Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. Theproject is to be completed in 4 years or in the year 2021. The following are the details regarding the constructionproject:201720182019Costs incurred to date2,160,0004,500,0007,520,000Estimated cost to completeProgress Billings to dateCash Collections for the yve ar6,840,0005,500,0001,880,0002,304,0004,320,0007,680,0001,728,0003,240,0005,760,000

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Business

Accounting

How much is the Gross Profit/Loss Realized in 2018?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Triple Take Construction Co, began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project. 2018 4,500,000 5,500,000 4,320,000 3,240,000 2019 7,520,000 1,880,000 7,680,000 5,760,000 2017 Costs Incurred to Date Estimated Costs to Complete Progress Billings to Date Cash Collection for the Year 2,160,000 6,840,000 | 2,304,000 1,728,000 How much is the gross profit/loss realized in 2018?
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