Assume Avaya contracted to provide a customer with Internet infrastructure for $2,400,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below:2024 2025Costs incurred during the year $ 332,000 $ 1,850,000Estimated costs to complete as of 12/31 1,328,000 0Billings during the year 441,000 1,700,000Cash collections during the year 351,000 1,790,000Required: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