Solution manual advanced accounting by baysa lupisan chapter 06

CHAPTER 7

SUGGESTED ANSWERS
Exercise 7-1
1.
Contract price
Cost incurred to date
Est. cost to complete

2006
P50,000,000
P 7,500,000
30,000,000

2007
P50,000,000
P34,500,000
8,625,000

Total estimated cost
Total estimated gross profit
Percentage of completion

37,500,000
P12,500,000
20%

P43,125,000
P 6,875,000
80%

2008
P50,000,000
P40,800,000
__________
P40,800,000
P 9,200,000
100%

2006 - Recognized revenue
Cost of revenue
Gross profit

To Date
P10,000,000
7,500,000
P 2,500,000

Recognized in prior year/s
-

To be recognized this year
P10,000,000
7,500,000
P 2,500,000

2007 - Recognized revenue
Cost of revenue
Gross profit

P40,000,000

34,500,000
P 5,500,000

P10,000,000
7,500,000
P 2,500,000

P30,000,000
27,000,000
P 3,000,000

2008 - Recognized revenue
Cost of revenue
Gross profit

P50,000,000
40,800,000
P 9,200,000

P40,000,000
34,500,000
P 5,500,000

P10,000,000
6,300,000
P 3,700,000

2.

2006

a. Construction in progress
Cash, Materials, etc.

2007

7,500,000

b. Accounts Receivable
8,000,000
Progress Billings on Const. Contracts

2008

27,000,000
7,500,000

6,300,000
27,000,000

36,000,000
8,000,000

6,300,000
6,000,000

36,000,000

6,000,000

AA1 - Chapter 7 (2008 edition)

page

c. Cash
Accounts Receivable

5,500,000

d. Cost of LTCC
Construction in Progress
Revenue from LTCC

7,500,000
2,500,000

33,000,000

11,500,000

5,500,000

33,000,000
27,000,000
3,000,000

11,500,000
6,300,000
3,700,000

10,000,000

30,000,000

e. Progress Billings on

10,000,000
50,000,000

Construction Contracts
Construction In Progress

50,000,000

3.
Statement of Financial Position
Current Assets:
Accounts Receivable

P5,500,000

Current Liabilities:
Progress Billings on Construction Contracts
Less Construction in Progress

P44,000,000
40,000,000

P4,000,000

Exercise 7-2
2006
a. Construction in Progress
Cash, Materials, etc.

32,000,000

b. Accounts Receivable
Progress Billing on Const. Contract

33,000,000

c. Cash
Accounts Receivable

31,000,000

Cost of LTCC
Construction in Progress
Revenue from LTCC

2

2007
43,000,000

32,000,000

43,000,000
45,000,000

33,000,000

23,000,000
2,000,000

22,000,000
22,000,000
29,000,000
40,000,000

45,250,000
4,750,000
25,000,000

15,500,000

45,000,000
40,000,000

31,000,000

2008
15,500,000

29,000,000
22,250,000
2,750,000

50,000,000

25,000,000


AA1 - Chapter 7 (2008 edition)

page

e. Progress Billing on Const. Contracts
Construction in Progress
Contract price
Cost incurred to date
Estimated cost to complete
Total estimated cost
Total estimated gross profit
Percentage of completion

100,000,000
100,000,000
2006
P100,000,000
P 32,000,000
60,000,000
P 92,000,000
P 8,000,000
25%

2007
P100,000,000
P 75,000,000

16,000,000
P 91,000,000
P 9,000,000
75%

2008
P100,000,000
P 90,500,000
___________
P 90,500,000
P 9,500,000
100%

2006 - Recognized revenue
Cost of revenue
Gross profit

To date
P25,000,000
23,000,000
P 2,000,000

Recognized in prior year/s
-

To be recognized this year
P25,000,000
23,000,000
P 2,000,000

2007 - Recognized revenue
Cost of revenue
Gross profit

P75,000,000
68,250,000
P 6,750,000

P25,000,000
23,000,000
P 2,000,000

P50,000,000
45,250,000
P 4,750,000

2008 - Recognized revenue
Cost of revenue
Gross profit

P100,000,000
90,500,000
P 9,500,000

P75,000,000
68,250,000
P 6,750,000

P25,000,000
22,250,000

P 2,750,000

Exercise 7-3
1.

Contract price
Total estimated cost:
Cost incurred to date
P 4,400,000
Estimated cost to complete
15,600,000
Total estimated gross profit
Percentage of completion ( P 400,000/20,000,000)
Gross profit to be recognized in 2008

P25,000,000
20,000,000
P 5,000,000
22%
P 1,100,000

3


AA1 - Chapter 7 (2008 edition)

2.

page

Accounts Receivable
Construction in Progress
Progress Billings on Construction Contracts

(P25,000,000 x 30% x 10%)
(P4,400,000 + P1,100,000)
(P25,000,000 x 30%)

4

P 750,000
P5,500,000
P7,500,000

Exercise 7-4
Contract price
Cost incurred to date
Estimated cost to complete
Total estimated cost
Total estimated gross profit
Percentage of completion

2006
P35,000,000
P17,500,000
10,500,000
P28,000,000
P 7,000,000
62.5%

2007
P35,000,000
P29,250,000
3,250,000
P32,500,000
P 2,500,000
90%

2008
P35,000,000
P31,000,000
P31,000,000
P 4,000,000
100%

2006 - Recognized revenue
Cost of revenue
Gross profit

To date
P21,875,000
17,500,000
P 4,375,000

Recognized in prior year/s
-

To be recognized this year
P21,875,000
17,500,000

P 4,375,000

2007 - Recognized revenue
Cost of revenue
Gross profit

P31,500,000
29,250,000
P 2,250,000

P21,875,000
17,500,000
P 4,375,000

P 9,625,000
11,750,000
P(2,125,000)

2008 - Recognized revenue
Cost of revenue
Gross profit
2. Journal entries

P35,000,000
31,000,000
P 4,000,000

P31,500,000
29,250,000
P 2,250,000

P 3,500,000
1,750,000
P 1,750,000

2006
a. Construction in Progress
Cash, Materials, etc.

17,500,000

b. Accounts Receivable
Progress Billing on
Const. Contracts

16,000,000

2007
11,750,000

17,500,000

11,750,000
12,000,000

16,000,000

2008
1,750,000
1,750,000

7,000,000

12,000,000

7,000,000


AA1 - Chapter 7 (2008 edition)

page

c. Cash
Accounts Receivable

15,000,000

d. Cost of LTCC
Construction in Progress
Construction in Progress
Rev. from LTCC

17,500,000
4,375,000

10,000,000
15,000,000

10,000,000
10,000,000

10,000,000

11,750,000
21,875,000

1,750,000
1,750,000
2,125,000
9,625,000

3,500,000

e. Progress Billing on Const. Contract
Construction in Progress

35,000,000
35,000,000

3.
2006 - Recognized revenue
Cost of revenue
Gross profit

To date
P17,500,000
17,500,000
==========

2007 - Recognized revenue
Cost of revenue

Gross profit

P31,500,000
29,250,000
P 2,250,000

P17,500,000
17,500,000
----------------

P14,000,000
11,750,000
P 2,250,000

2008 - Recognized revenue
Cost of revenue
Gross profit

P35,000,000
31,000,000
P 4,000,000

P31,500,000
29,250,000
P 2,250,000

P3,500,000
1,750,000
P1,750,000

Exercise 7-5
Revenue recognized in 2008
Gross profit/income recognized in 2008
Cost incurred in 2008

(P26,000,000 x 40%)
(P3,120,000 - P1,300,000)

Exercise 7-6

5

Recognized in prior year/s
============

P10,400,000
1,820,000
P 8,580,000

To be recognized this year
P17,500,000
17,500,000
==========


AA1 - Chapter 7 (2008 edition)

Revenue (CP x % of work done in 2007)
Cost of revenue
Gross profit (loss)

page

Binondo Project
P12,000,000
12,400,000
P (400,000)

Pasig Project
P1,290,000
1,400,000
P( 110,000)

Exercise 7-7
1. Contract revenue/price
Less Total profit
Total cost incurred
Less Cost incurred in 2006 and 2008
Cost incurred in 2007

P10,000,000
800,000
P 9,200,000
5,900,000
P 3,300,000

2. Gross profit to date, 12.31.07
Cost incurred to date, 12.31.07 (P1,800,000 + P3,300,000)
Revenue to date, 12.31.07
Percentage-of-completion (6,000,000/10,000,000)

P 900,000
5,100,000
P6,000,000
60%

3. Gross profit to date, 12.31.07
Percentage of completion
Total estimated gross profit

P 900,000
÷ 60%
P1,500,000

4. Contract price
Less Total estimated gross profit
Total estimated cost
Less Cost incurred to date
Estimated cost to complete

P10,000,000
1,500,000
P 8,500,000
5,100,000
P 3,400,000

Exercise 7-8
Cash
Notes Receivable
Discount on Notes Receivable

Unearned Franchise Fees
Exercise 7-9

500,000
1,000,000
207,540
1,292,460

6


AA1 - Chapter 7 (2008 edition)

page

1. Cash
Notes Receivable
Discount on Notes Receivable
Unearned Franchise Fees

4,000,000
3,000,000

2. Cash
Notes Receivable
Discount on Notes Receivable
(3,000,000-(2.48685 x 1,000,000)
Revenue from Franchise Fees

4,000,000

3,000,000

3. Cash
Unearned Franchise Fees

4,000,000

513,200
6,486,800

513,200
6,486,800
4,000,000

4. Cash
4,000,000
Notes Receivable
3,000,000
Discount on Notes Receivable
Revenue from Franchise Fees
Unearned Franchise Fees (1,000,000 x 2.48685)
Exercise 7-10
2007
July 1 - Cash
Notes Receivable
Discount on Notes Receivable
Unearned Franchise Fee
P800,000 x 3.1699 = P2,535,900
P3,200,000 - P2,535,900 = P664,100
Sept. 1 - Deferred Franchise Cost

Cash
Nov. 15 - Deferred Franchise Cost
Cash
Dec. 31 - Discount on Notes Receivable

513,200
4,000,000
2,486,800

1,200,000
3,200,000
644,100
3,735,900

100,000
100,000
60,000
60,000
126,795

7


AA1 - Chapter 7 (2008 edition)

page

Interest Revenue
P2,535,900 x 10% x 6/12 = P126,795
2008

Jan. 10 - Deferred Franchise Cost
Cash

126,795

100,000
100,000

15 - Unearned Franchise Fee
Franchise Fee Revenue

3,735,900
3,735,900

15 - Cost of Franchise Fee Revenue
Deferred Franchise Cost

260,000
260,000

July 1 - Cash
Notes Receivable

800,000
800,000

1 - Discount on Notes Receivable
Interest Revenue

126,795

126,795

Problem 7-1
2007
a. Construction in Progress
Cash, Materials, etc.

11,000,000

b. Accounts Receivable
Progress Billing on Const. Contract

10,800,000

c. Cash
Accounts Receivable

10,000,000

d. Cost of LTCC
Construction in Progress
Revenue from LTCC
e. Progress Billing on Construction Contracts
Construction in Progress

11,000,000
2,750,000

2008
4,800,000

11,000,000

4,800,000
9,200,000

10,800,000

9,200,000
10,000,000

10,000,000

10,000,000
4,800,000
1,450,000

13,750,000

6,250,000
20,000,000
20,000,000

8


AA1 - Chapter 7 (2008 edition)

page

Problem 7-2
Statement of Recognized Income and Expenses:
Income: 2007
2008

P2,750,000
1,450,000

Statement of Financial Position
Receivable: 2007
2008

P 800,000
-

Inventory - CIP, net of billings
2007 (13,750,000 - 10,800,000)
2008
Problem 7-3
Year
2006
2007
2008

P2,950,000
-

Income (loss) Recognized
1,000,000
1,000,000

1,000,000

Contract price
Cost incurred to date
Estimated cost to complete
Total estimated cost
Total estimated gross profit
Percentage of completion
Gross profit to date
Less Gross profit recognized in prior year/s
Gross profit to be recognized this year

9

Rec’l ending balance
380,000
940,000
-

2006
P15,000,000
P 4,000,000
8,000,000
P12,000,000
P 3,000,000
33 1/3%
P 1,000,000
_____-______
P 1,000,000

CIP Invty. ending balance
5,000,000
12,000,000
2007
P15,000,000
P10,000,000
2,500,000
P12,500,000
P 2,500,000
80%
P 2,000,000
1,000,000
P 1,000,000

Cost in excess of billings
1,200,000
2,600,000
2008
P15,000,000
P12,000,000
---------------P12,000,000
P 3,000,000
100%
P 3,000,000
2,000,000
P 1,000,000

Problem 7-4
PROJECT A
2007

2008

PROJECT B
2007
2008

PROJECT C
2007
2008

PROJECT D
2008


AA1 - Chapter 7 (2008 edition)

page

Contract price
Cost incurred to date
Estimated cost to complete
Total estimated cost
Total estimated gross profit (loss)
Percentage of completion
Gross profit (loss) to date
Less gross profit recognized in prior year
Gross profit - current year

P29,000,000
P16,800,000

11,200,000
P28,000,000
P 1,000,000
60%
P 600,000
------P 600,000

P29,000,000
P26,400,000
------------P26,400,000
P 2,600,000
100%
P 2,600,000
600,000
P 1,000,000

P34,000,000P34,000,000
P14,400,000P21,200,000
17,600,000 13,000,000
P32,000,000P34,200,000
P 2,000,000 P( 200,000)
45%
P 900,000P( 200,000)*
-----900,000
P 900,000P(1,100,000)

P17,000,000
P 3,200,000
9,600,000
P12,800,000

P 4,200,000
25%
P 1,050,000
---P 1,050,000

* The entire loss should be recognized immediately
(1) Percentage of completion method
2007
P2,550,000
1,200,000
P1,350,000

Gross profit
Operating expenses
Net income
Problem 7-5
1. (a)
Contract price
Cost incurred to date
Estimated cost to complete
Total estimated cost
Total estimated gross profit

2006
P120,000,000
P 24,000,000
76,000,000
P100,000,000
P 20,000,000

Percentage of completion

24%

2006-Revenue
Cost of revenue

2008
P3,890,000
1,200,000
P2,690,000
2007
P120,000,000
P60,500,000
49,500,000
P110,000,000
P 10,000,000
55%

To date
P28,800,000
24,000,000

2008
P120,000,000
P90,000,000
10,000,000
P100,000,000
P 20,000,000
90%

Recognized in
prior year
-----------

2009
P120,000,000
P105,000,000
-------P105,000,000
P 15,000,000
100%

To be recognized
in current year
P28,800,000
24,000,000

P17,000,000
P11,830,000
1,170,000
P13,000,000
P 4,000,000
91%
P 3,640,000
1,050,000
P 2,590,000

10

P2,000,000

P 5,600,000
10,400,000
P16,000,000
P 4,000,000
35%
P 1,400,000
----P 1,400,000


AA1 - Chapter 7 (2008 edition)

Gross profit

page

P 4,800,000

-----Recognized in
prior year
P28,800,000
24,000,000
P 4,800,000

2007-Revenue
Cost of revenue
Gross profit

To date
P66,000,000
60,500,000

P 5,500,000

2008-Revenue
Cost of revenue
Gross profit

P108,000,000
90,000,000
P 18,000,000

P66,000,000
60,500,000
P 5,500,000

2009-Revenue
Cost of revenue
Gross profit

To date
P120,000,000
105,000,000
P 15,000,000

Recognized in
prior year
P108,000,000
90,000,000
P 18,000,000

2.

a
b.
c.

d.

Construction in Progress
Cash, Materials, etc.

2006
24,000,000

Accounts Receivable
Progress Billings on Const. Contract

26,000,000

Cash
Accounts Receivable

24,000,000

Cost of LTCC
Construction in Progress
Construction in Progress
Revenue from LTCC

P 4,800,000
To be recognized
in current year

P37,200,000
36,500,000
P 700,000
P42,000,000
29,500,000
P12,500,000
To be recognized
in current year
P 12,000,000
15,000,000
P( 3,000,000)

2007
36,500,000
24,000,000

2008
29,500,000
36,500,000

31,000,000
26,000,000

34,000,000

27,000,000

24,000,000
4,800,000

29,000,000

30,000,000

29,000,000
30,000,000

30,000,000

29,500,000
12,500,000
37,200,000

15,000,000

34,000,000

27,000,000

36,500,000
700,000
28,800,000

2009
15,000,000
29,500,000

31,000,000

24,000,000

11

30,000,000

15,000,000
3,000,000
12,000,000
42,000,000


AA1 - Chapter 7 (2008 edition)

e.

page

Progress Billings
on
Const.
Contracts
Construction
in Progress

120,000,000
120,000,000

Problem 7-6
Contract price
Cost incurred to date

Estimated cost to complete
Total estimated cost
Total estimated gross profit
Percentage of completion
Gross profit to date
Less Gross profit recognized in prior year
Gross profit - current year

2006
P14,000,000
P 5,000,000
7,500,000
P12,500,000
P 1,500,000
40%
P 600,000
-----P 600,000

2007
P14,000,000
P11,475,000
1,275,000
P12,750,000
P 1,250,000
90%
P 1,125,000
600,000
P 525,000

2008

P13,000.000
P12,295,000
------P12,295,000
P 705,000
100%
P 705,000
1,125,000
P (420,000)

Problem 7-7
1. Recognized revenue
Cost of revenue
Gross Profit (loss)

12

2006
P 1,100,000
1,000,000
P 100,000 – (1)

2007
P1,300,000 (2)
1,250,000
P 50,000
2006
P3,500,000
1,000,000
P2,250,000
P3,250,000

250,000
30.77%
P 76,925
P 76,925

2. Contract-price
Cost incurred to date
Estimated cost to complete
Total estimated cost
Total estimated gross profit
Percentage of completion
Gross profit to date
Less GP recognized in prior year/s
GP to be recognized this year
Problem 7-8
Franchise A:
The circumstances imply that the full accrual method could be used.

2008
P1,100,000 (3)
1,150,000 (4)
P (50,000)
2007
P3,500,000
2,250,000
P 950,000
P3,200,000
300,000
70.3125%
P 210,938

76,925
P 134,013

Total
P3,500,000
3,400,000 –(5)
P 100,000


AA1 - Chapter 7 (2008 edition)

Franchise revenue
Franchise cost
Interest revenue (P2,178,000 x 4%)
Income from Franchise A
*Initial deposit
PV of four payments [4% for 4 periods
(P600,000 x 3.6299)]

page

P3,578,000*
1,400,000

13

P2,178,000
87,200
P2,265,200

P 1,400,000
2,178,000
P 3,578,000

Franchise B:
Because of the doubtful collection and only partial completion, the deposit method should be used. No revenue or income would be
recognized in 2008 from the franchise fee. However, because the first payment of P600,000 was made, interest revenue of P87,200 would
be recognized.
Franchise C:
Because of the doubtful collection but substantial completion, either the installment sales or cost recovery method could be used. If the
installment sales method is used, gross profit of P843,600* would be recognized in 2008 plus interest revenue of P87,200.
*Franchise revenue
Franchise cost
Franchise gross profit
Gross profit percentage: P1,578,000 ÷ P3,578,000

P3,578,000
2,000,000
P1,578,000
44.1%

Collections in 2008:
Initial fee
P1,400,000
First payment:
Interest
P 87,200
Principal
512,800
512,800

Total
P 600,000
P1,912,800
Gross profit recognized – 2008: P1,912,800 x 44.1% = P843,600
If the cost recovery method is used, no revenue or income would be recognized, because the P2,000,000 collections are exactly offset by the
P2,000,000 costs.


AA1 - Chapter 7 (2008 edition)

Problem 7-9
2007
July
1
Cash
Notes Receivable
Unearned Franchise Fee
Aug. 15
Sept. 15
Dec. 31

Jan.

2008
1

15
31

July

Dec.

1

31

page

7,000,000
8,000,000
15,000,000

Deferred Franchise Cost
Cash

800,000

Deferred Franchise Cost
Cash

500,000

Interest Receivable
Interest Revenue

400,000

800,000
500,000

400,000

Cash
Notes Receivable
Interest Receivable

2,400,000

Deferred Franchise Cost
Cash

1,000,000

Unearned Franchise Fee
Cost of Franchise Revenue
Franchise Fee Revenue
Deferred Franchise Cost
Cash
Notes Receivable
Interest Revenue
P6,000,000 x 10% x 6/12
Interest Receivable
Interest Revenue

2,000,000
400,000
1,000,000
15,000,000
2,300,000
15,000,000

2,300,000
2,300,000
2,000,000
300,000
200,000
200,000

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Problem 7-10
1. Downpayment made on 1/1/ 07
Present value of an ordinary annuity (P240,000 x 3.69590)
Total revenue recorded by Triple Eight

P 800,000.00
887,016.00
P1,687.016.00

2. Cost of acquisition

P 1,687,016

3. Cash
Notes Receivable
Discount on Notes Receivable

Unearned Franchise Fees

800,000.00
1,200,000.00
312,984.00
1,687,016.00

4. a. P800,000 cash received from downpayment. (P887,016.00 is recorded as unearned revenue from franchise fees).
b. P800,000 cash received from downpayment
a. None. (P 800,000 is recorded as unearned revenue from Franchise fees).

MULTIPLE CHOICE

1.
2.
3.
4.
5.

C
B
D
A
C

6.
7.
8.
9.
10.

11.

D

P20,000,000 x (3,000,000/15,000,000) =

12.

A

Contract price
Less Total estimated cost:

B
D
D
D
C
P4,000,000

P10,500,000

15


AA1 - Chapter 7 (2008 edition)

Cost incurred to date
Est. cost to complete

Total estimated income
% of completion (3150/9450)
Income to be recognized in 2007

page

P3,150,000
6,300,000

9,450,000
P 1,050,000
33 1/3%
P 350,000

13.

B

Contract price
Total estimated cost
Total estimated income
Percentage-of-completion (27/81)
Income recognized last year

14.

C

Contract price
Total estimated cost (P4,650,000 + P10,850,000)

Total estimated loss – to be recognized in full

P15,000,000
15,500,000
P 500,000

15

B

Contract price
Total estimated cost (P4M + P4M + P2M)
Total estimated gross profit
Percentage-of-completion (8M/10M)

P14,000,000
10,000,000
P 4,000,000
80%

Gross profit to date
Less Gross profit recognized in 2006
(P14M –P8M = P6M x 4/8)
Gross profit to be recognized in 2007

P 3,200,000

P3,000,000
1,800,000
P1,200,000

33 1/3%
P 400,000

16

B

Contract price
Total estimated cost
Total estimated gross profit
Percentage-of-completion (600/1,800)
Gross profit to be recognized in 2007

17.

B

Contract price
Total cost incurred
Gross profit

P9,000,000
8,100,000
P 900,000
33 1/3%
P 300,000

P

3,000,000

200,000

P12,000,000
10,800,000
P 1,200,000

16


AA1 - Chapter 7 (2008 edition)

page

Gross profit percentage (1,200/12,000)
18

A
Contract price
Total estimated cost
Total est. gross profit
Percentage-of-completion
Gross profit to date
Less GP recognized in 2007
GP to be recognized In 2008
Total GP = P750,000 + P228,000

19.

20,000,000/24,000,000

20

Contract price
Total estimated cost
Total estimated gross profit
Percentage-of-completion
GP to date
GP recognized in prior years
(P30M - P22M = P8M x 50%)
GP to be recognized in 2008

21.

22
23

Total amount billed
Less Balance of accounts receivable
Total collections
Amount deposited
Cash collected not yet deposited
P150,000 ÷ 937,500/9,000,000
C
Mobilization fee (P1.2B x 1%)
Collections on billings (1.2B x 10% x 90%)
Total fee received by NNO

10%
Cubao
P16,200,000

14,400,000
P 1,800,000
83 1/3%
P 1,500,000
750,000
P 750,000

Marikina
P25,200,000
23,100,000
P 2,100,000
100%
P 2,100,000
1,872,000
P 228,000
P 978,000
83.33%
P30,000,000
24,000,000
P 6,000,000
83.33%
P 5,000,000
4,000,000
P 1,000,000
P843,750
300,000
P543,750
500,000
P 43,750
P1,440,000

P 1.2M
10.8M
P12.0M

17


AA1 - Chapter 7 (2008 edition)

24

B

Contract price
Gross profit rate
Total estimated gross profit
Percentage-of-completion
Realized gross profit

25.
26
27
28
29

B
A
B
C

30

A

Downpayment
First installment payment
Add’l fee (P1,000,000 x 3%)
Earned Franchise Fees

31
32

C
A

P 100,000 x 1/5 = P 20,000 + 1% of P500,000 =
P 1,000,000 + 5% of P8,000,000 =

33

C

Downpayment
PV of installment payment
Additional fee ( P 9,000,000 x 5% )
Earned franchise fee

page

P100.00M

25%
P25.00M
50%
P12.50M

P 50,000
50,000
30,000
P130,000
P 25,000
P1,400,000
P 100,000
199,650
450,000
P 749,650

18