Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,450,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below:

		2016			2017
Costs incurred during the year	$	336,000		$	1,870,000
Estimated costs to complete as of 12/31		1,344,000			0
Billings during the year		446,000			1,710,000
Cash collections during the year		268,000			1,795,000

3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2016 assuming Nortel recognizes revenue over time according to percentage of completion Balance Sheet (Partial) At December 31, 2016 Current assets: Accounts receivable Costs and profit in excess of bllings Current liabilities