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Juno Interiors, a sole proprietor, signs a two-stage contract with Client Aurora for PHP 2,000,000. Stage 1: design and prototype, PHP 900,000; Stage 1 is completed on December 19, 2024; Stage 1 payment of PHP 900,000 is due on January 5, 2025. Stage 2: production and installation, PHP 1,100,000; Stage 2 is completed on February 28, 2025; Stage 2 payment due on March 15, 2025. For accrual-basis accounting under the NIRC (all-events/earned-right concept), and for cash-basis accounting if elected, choose the statement that best reflects the realization and recognition outcomes. (a)State the controlling doctrine on when income is realized and recognized for accrual-basis taxpayers under the NIRC, and briefly describe how it operates. (b)Apply that doctrine to the facts and determine the gross income to be recognized in 2024. (c)If Juno uses the cash-basis method, determine how much gross income is recognized in 2024 and in 2025.