Assume avaya contracted to provide a customer with internet infrastructure for $$2000000.$ The project began in $2024$ and was compled in $2025.$ Data relating to the contract are summarized below:Assume Avaya contracted to provide a customer with Internet Infrastructure for $$2,250,000.$ The project began in $2024$ and was

completed In $2025.$ Data relating to the contract are summarlzed below:

Required:

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.

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming this project does not

qualify for revenue recognition over time.

Prepare a partial balance sheet to show how the Information related to this contract would be presented at the end of $2024,$

assuming Avaya recognizes revenue over time according to percentage of completion.

Prepare a partial balance sheet to show how the Information related to this contract would be presented at the end of $2024,$

assuming this project does not qualify for revenue recognition over time.

Complete this question by entering your answers in the tabs below.

Required $3$

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$

assuming this project does not qualify for revenue recognition over time.

Balance Sheet $($Partial$)$

At December $31,2024$

Current assets:

Current liabilities: