17 Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,550,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2022 $1,773,000 10 points Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 344,000 1, 376,000 468,000 316,000 2,082,000 2,234,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 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.) % complete to date Choose numerator Actual costs to date 344 000 Percentages of completion Choose denominator Estimated total costs $ 1,720,000 $ 344,000 20.00% 741.28% 2021 2022 $ 2,550,000 2021 Recognized in prior years 0 Recognized in 2021 512,982 2,550,000 2,037,018 $ To date 512,982 X $ 2,550,000 $ 2,037,018 XS Construction revenue 0 $ $ Construction expense Gross profit (loss) 0$ Reco Recognized in prior years To date 0 GA 512,982 2,550,000 2,037 018 0 $ $ 512,982 2,550,000 2,037,018 0$ 0$ Construction revenue Construction expense Gross profit (loss) $ $ S 2022 Recognized in prior years Recognized in 2022 0 To date $ 0 $ $ 0 Construction revenue Construction expense Gross profit (loss) Required 2 > Taguire 17 Complete this question by entering your answers in the tabs below. Required 3 Required 4 Required 2 Required 1 ts Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. (Loss amounts should be indicated with a minus sign.) Revenue Gross Profit (Loss) 2021 2022 Required 3 > Movt Check my 17 Required 4 Required 3 Required 1 Required 2 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. nts Balance Sheet (Partial) At December 31, 2021 Current assets Current liabilities Requme