Anare 200 points Exercise 5-17 Long term contract, revenue recognition over time and at a point in time ILOS-9 Assume Norte Networks contracted to provide a custom w was completed in 2010 Data relating to the contractare intet and below structure for 2400 000. The 2018 and 2018 2015 $1.350.000 Costs incurred during the year Estimated costs to complete as of 12/31 Bangs during the year Cash collections during the year 5332 000 1,328,000 441.000 200 000 1.700.000 1.700.000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognised in 2013 and 2019 a ming Norconcerns over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming this project does not quality 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 2018 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 2018 suming this project does not quality 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 2018 and 2019 assuming this project does not Qualify for revenue recognition over time. (Loss amounts should be indicated with a minus sign.) 2018 2019S Revenue $ 480,000 70,000 Gross Profit (Loss) $ $ 218,000 Required 1 Required 3 ) References