Assume Avaya contracted to provide a customer with Internet infrastructure for $2,200,000. 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 Required: 2024 2025 $ 316,000 $1,700,000 1,264,000 0 400,000 1,660,000 290,000 1,770,000 1. 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. 2. 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. 3. 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. 4. 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. Required 1 Required 2 Required 3 Required 4 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. Percentages of completion 2024 2025 $ 316,000 S 1,700,000 $ To date Construction revenue $ 440,000 Construction expense $ 316,000 Gross profit (loss) $ 124,000 1,580,000 2,200,000 = 2024 Recognized in prior years 20.00% 77.27% Recognized in 2024 S 440,000 S 316,000 124,000 2025 To date Recognized in prior years Recognized in 2025 Construction revenue $ 1,660,000 $ 440,000 S 1,220,000 Construction expense $ Gross profit (loss) $ 1,700,000 (40,000) $ 316,000 S 1,384,000 $ 124,000 (164,000) Required 1 Required 2 > Show less A Required 1 Required 2 Required 3 Required 4 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. Note: Loss amounts should be indicated with a minus sign. Leave no cells blank. + Revenue Gross Profit (Loss) 2024 2025 < Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 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. Balance Sheet (Partial) At December 31, 2024 Current assets: Current liabilities. W < Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 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: < Required 3 Requirad 4 ->