Assume Avaya contracted to provide a customer with Internet infrastructure for $2,550,000. The prolect began in 2024 and was completed in 2025. Data relating to the contract are summarized below: Required: 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 fo 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 ower time. Complete this question by entering your answers in the tabs below. 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 colculated and rounded in the table below to arrive at your final answer. Loss amounts should be indicated with a minus Noting to percentage of completion. Complete this question by entering your answers in the tabs below. 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. Complete this question by entering your answers in the tabs below. 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. Complete this question by entering your answers in the tabs below. 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: the percentages as calculatent and rounded in the table bolow to arrive at vour final answer. Loss amounts should be indicated with a ininu: sign. Complete this question by entering your answers in the tabs below. 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
