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Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,760,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2018 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the yeaz Cash collections during the year $ 364, 000 $2,175,000 1,456,000 520,000 1,780,000 282,000 1,830,000 Required 1Required 2 Required 3Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming Nortel recognizes revenue over time according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.) Percentages of completion Choose numerator | + | Choose denominator | - | % complete to date Actual costs to dateEstimated total costs 2018 2019 2018 To date Recognized in prior years Recognized in 2018 Construction revenue Construction expense Gross profit (loss) 2019 To date Recognized in prior years Recognized in 2019 Construction revenue Construction expense Gross profit (loss) Required 1Required 2 Required 3Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming this project does not qualify for revenue recognition over time. (Loss amounts should be indicated with a minus sign.) Gross Profit Revenue 2018 2019 Required 1Required 2Required 3Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2018 assuming Nortel recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) At December 31, 2018 Current assets: Accounts receivable Costs and profit in excess of billings Current liabilities Required 1 Required 2 Required 3Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2018 assuming this project does not qualify for revenue recognition over time. Balance Sheet (Partial) At December 31, 2018 Current assets Accounts receivable Current liabilities: Billings in excess of costs