Assume Miami FiberOptics contracted to provide a customer with internet infrastructure for $4,000,000. The project began in Year 1 and was completed in Year 2. Data relating to the contract are summarized below: 1. Compute the amount of revenue and gross profit or loss to be recognized in Year 1 and Year 2 , assuming Miami FiberOptics recognizes tevenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in Year 1 and Year 2 , 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 Year 1 , assuming Miami Fiberoptics recognizes tevenue cwar time axmealiw... 7ercentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of Year 1 . assuming this project does not qualifu for ravnnwia warnawiti