Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,500,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below 2018 340,000 $1,940,eee 2019 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 1,360,000 451,000 1,720,800 270,880 1,800,800 Required 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming Nortel recognizes reve over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming this project does not qualiy ces 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 2018 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 2018 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 or revenue ana gross pronit or loss to be recognizea in zu1 ana zuiy assuming Nortei 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.) Check my w Percentages of completion | + | Choose denominator Choose numerator Actual costs to date 340,000 % complete to date Estimated total costs 2018 2019 2018 To date Recognized in prior years Recognized in 2018 Construction revenue Construction expense Gross proft (loss) 2019 Recognized in 2019 Recognized in prior years To date Construction revenue Construction expense Gross profit (loss) Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming this project does not qualify for revenue recognition over time. (Loss amounts should be indicated with a minus sign.) Revenue ces 2018 2019 Required 1 Required 3> Required 1Required 2Required 3 Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2018 assuming Nortel recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) At December 31, 2018 Current assets: Current liabilities: Required 4