21 4 points Assume Avaya contracted to provide a customer with Internet infrastructure for $2,750,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2024 2025 $ 360,000 $ 2,155,000 1,440,000 500,000 1,770,000 445,000 1,825,000 21 Required 1 Required 2 Required 3 Required 4 4 points Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming Avaya recognizes revenue over time according to percentage of completion. Note: Use percentages as calculated and rounded in the table below to arrive at your final answer. Loss amounts should be indicated with a minus sign. eBook 2024 2025 Hint To date Construction revenue Construction expense References Gross profit (loss) + Percentages of completion = 2024 Recognized in prior years = $ $ $ 0 0 Recognized in 2024 0 0 2025 To date Recognized in prior years Recognized in 2025 Construction revenue $ 0 Construction expense $ 0 Gross profit (loss) $ 0 < Required 1 Required 2 > Show less