2: Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2021 and was completed in 2023. Data relating to the contract are summarized below: 2021 2022 2023 Costs incurred during the year $ 600,000 $575,000 925,000 Estimated costs to complete as of 12/31 1,200,000 975,000 0 Billings during the year 480,000 620,000 900,000 Cash collections during the year 350,000 600,000 1,050,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 assuming Nortel recognizes revenue over time according to percentage of completion. Prepare journal entries for recognizing revenue in each year. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 assuming this project does not qualify for revenue recognition over time. Prepare journal entries for recognizing revenue in each year