Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,250,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2022 $1,720,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 320,000 1,280,000 405.000 300,000 1.670.000 1,775,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 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 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 the below. Required Required 2 Required) Required Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 suming Nortel recognizes ren over time according to percentage of completion. Los amounts should be indicated with a minus sign. Use percentages is calculated and rounded in the table below to arrive at your final answer) Percentages of completion Choose denominator Choose numerator % complete to date 2021 To date Recognized in prior years Recognized in 2021 Construction revenue Construction expense Gross pronos) 2022 Recognized in prior years Recognized in 2022 Construction revenue Construction expense Gross profit (los) Required 2 > Assume Nortel Networks contracted to provide a customer with internet infrastructure for $2,250,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below. $ 2022 $1,720,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 320,000 1,280,000 405.000 300,000 1.670.000 1,775,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 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 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 Required Required 2 Required Required 4 Compute the amount of revenue and gross profit or loss to be recognised in 2001 and 2022 suming this project does not quality for recognition over Revenue Gross Profit (Loss) 2021 ( feed Red> 11lings during the year Cash collections during the year UVUU 300,000 1.UUUU 1,775,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 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 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 Required 1 Required 2 Required Required 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 Balance Sheet (Partial) At December 31, 2021 Current assets: Bered > Liis auring the year Cash collections during the year 409, VUU 300,000 , , UUU 1,775,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualif 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. 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 2021 assuming this project does not qualify for revenue recognition over time Balance Sheet (Partial) At December 31, 2021 Current assets: Current liabilities ( Regulred 3
