Assume Nortel Networks contracted to provide a customer with Internet infrastructure for 2,000,000. The project began in 2013 and was completed in 2014. Data relating to the contract are summarized below 2013 300000 $1,575,000 Costs Ineurred during the year Estimeted costs to complete as of 12/31 Billings during the year Cash collections during the year 0- 80,000 1,620,000 250,000 1,750,000 Required: Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the percentage-of-completion method Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the completed contract method. 1. 2. The Ugenti Construction Company contracted to construct a warehouse building for $2,600,000. Construction began in 2013 and was completed in 2014. are summarized below: Data relating to the contract 2013 2014 Estimated costs to complete as of 12/31 1,560,000 Billings during the year 430,000 Cash collections during the year.. 320,000 2,280,000 uring the year.S 360,000 $1,650,000 2,170,000 Required 1. Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the percentage-of-completion method. 2. Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the completed contract method