Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,200,000. The project began In 2021 and Was completed In 2022 Data relating to the contract are summarlzed below: Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022355 uming Nortel recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross proft or loss to be recognized In 2021 and 2022 assuming this project does not qualfy 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 2021 assuming Nortel 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 2021 assuming this project does not qualify for revenue recognition over time. Complete this question by entering your answers in the tabs below. Compute the amount af revenue and gross pratit or loss to be recognized in 2021 and 2022 assuming Nartel recognizes revenue aver time accarding to percentage at completion. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table belaw to arrive at your final answer)