Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,050,000. 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 $ 304,000 $ 1,595,000 Estimated costs to complete as of 12/31 1,216,000 0 Billings during the year 385,000 1,630,000 Cash collections during the year 252,000 1,755,000 Required: $ 1 Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming Nortel recognizes revenue over time according to percentage of completion. (Use percentages as calculated and rounded in the table below to arrive at your final answer. Losses and expenses should be indicated with a minus sign.) $ 2 Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 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 2016 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 2016 assuming this project does not qualify for revenue recognition over time.

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