On March 16, 2014, DEF Construction Company was contracted to GHI Companys

road network for P 15 Million. The project was estimated to be completed on May 1,
2016 and the contract provided for:
o 5% mobilization fee (to be deducted from the last billing) payable within 10
days after the signing of the contract.
o 15% retention provision on all billings.
o Payment of progress billings 10 days after date of acceptance.
o Penalty of P 100,000 for each week of delay
Below are data pertaining to the construction period
Cost incurred
Estimated cost at
completion
Progress billings to
date
Date of acceptance

2014
P 650,000
3,250,000

2015
P 861,250
2,015,000

3,000,000

11,250,000

12/26/14

12/20/15

2016
P 1,122,000
?
?
6/2/16

Unfortunately, the completion was delayed for three weeks.

Compute:
1. Cash collected during 2014.
2. Cash collected during 2015.
3. Cash collected during 2016.