Solve the following problem in good accounting form. During 2009, Mason Construction, Inc. started work on a P 5,200,000 fixedprice construction contract to be completed in two years. The accounting...

Solve the following problem in good accounting form.

During 2009, Mason Construction, Inc. started work on a P 5,200,000 fixedprice construction contract to be completed in two years. The accounting records disclosed the following data for the year ended December 31, 2009: Cost incurred P 2,650,000Estimated cost to complete 2,720,000Progress billings 2,500,000Collections 2,000,000.

What amount of net income or loss should have been recognized in 2009?