Assume Nortel Networks contracted to provide a customer with internet infrastructure for $2,500,000. The project began in 2021 and was completed in 2022 Data relating to the contract are summarized below 2021 2022 costs incurred during the year $ 340,000 $1,755,000 Estimated costs to complete as of 12/31 1,360.000 Billings during the year 460,000 2,040,000 Cash collections during the year 310,000 2,190,000 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 quality 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 4 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. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer + % complete to date Choose numerator Actual costs to date 340,000 Porcentages of completion Choose denominator Estimated total costs $ 1,755,000 $ + 2021 2022 19.37% 0 - 2021 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 assuming Nortel recognizes revenue over time according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.) Percentages of completion Choose numerator Choose denominator % complete to date Actual costs to dato Estimated total costs 2021 $ 340,000 S 1.755,000 19.37% 2022 + 0 + 2021 Recognized in prior years To date Recognized in 2021 0 Construction revenue Construction expense Gross profit (loss) $ $ S 0 0 2022 Recognized in prior years Recognized in 2022 To date 0 Construction revenue Construction expense Gross profit (loss) $ $ $ 0 0 we provide a customer with Internet infrastructure for $2,500,000. The project began in 202 was completed in 2022. Data relating to the contract are summarized below: 2021 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2022 $1,755,000 $ 340, een 1,360,000 460, eee 310,000 2,040,000 2,190,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Norel recognizes revenu 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 quu 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 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. (Loss amounts should be indicated with a minus sign.) Revenue Gross Profit (Loss) 2021 2022 310, see 2,190,00 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 quality 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 quality for revenue recognition over time 0:27 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 Nortel recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) At December 31, 2021 Current assets: Current liabilities: Required 4 > etions during the year 310.000 2,190,000 Seve Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Norte 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 quality 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 11 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2031 assuming this project does not qualify for revenue recognition over time. Balance Sheet (Partial) At December 31, 2021 Current assets Current liabilities Red