Check my work Exercise 6-19 (Algo) Long-term contract, revenue recognition over time and at a point in time (L06-9) Assume Nortel Networks contracted to provide a customer with internet infrastructure for $2.910,000. The project began in 2021 and was completed in 2022 Data relating to the contract are summarized below Costs incurred during the year Estimated costs to complete so 12/31 Ellings during the year Cash collections during the year 2022 $ 30,000 $2,265,000 1,500,000 $35,000 1,010,000 seo.000 1,545,00 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 qualify for revenue recognition over time Complete this question by entering your answers in the tabs below. 1019 431 Compute the amount of revenue and gross profit or loss to be recognised in 2001 and 2022 auming to recret according to percentage of completion (Loss amounts should be indicated with a missist percent in the table below to arrive at your final answer.) Percentages of completion Choose numerator Choco denominator + 2021 2022 2021 Recognized in prior years To date Record in 2001 $ 5 Construction revenue Construction expose Gross profit oss 2022 Recognized in prior years Hond in 2022 To date 5 1 Construction levende Construction expense Gross profit 6 of 10 9000 Helyet 6 4. Prepare a partial balance sheet to show how the information related to the contract would be presented the end of 2001 assuming this project does not qualify for revenue recognition over time Oachayat Complete this question by entering your answers in the tabs below ints Required 1 Required a Required 3 Required 4 eBook Compute the amount of revenue and gross profit or loss to be recognized in 2001 and 2022 assuming this qualify for revenue recognition over time. (Loss amounts should be indicated with a mini Print Revenue Gro Profit Loss) References 2021 2022 Required 3 > HelpSave Required 1 Required 2 Required 3 Check my work Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assung Nortel recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) At December 31, 2021 Current assets Current abilities echtml.con contestal browser Chapter 6 Homework VO D 0 6 Required 1 Required 2 Required Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2001 assuming this project does not qualify for revenue recognition over time oint Balance Sheet (Partia At December 11, 2001 Current as ok P Current abilities Telerance 1019 431 Compute the amount of revenue and gross profit or loss to be recognised in 2001 and 2022 auming to recret according to percentage of completion (Loss amounts should be indicated with a missist percent in the table below to arrive at your final answer.) Percentages of completion Choose numerator Choco denominator + 2021 2022 2021 Recognized in prior years To date Record in 2001 $ 5 Construction revenue Construction expose Gross profit oss 2022 Recognized in prior years Hond in 2022 To date 5 1 Construction levende Construction expense Gross profit 6 of 10 9000 Helyet 6 4. Prepare a partial balance sheet to show how the information related to the contract would be presented the end of 2001 assuming this project does not qualify for revenue recognition over time Oachayat Complete this question by entering your answers in the tabs below ints Required 1 Required a Required 3 Required 4 eBook Compute the amount of revenue and gross profit or loss to be recognized in 2001 and 2022 assuming this qualify for revenue recognition over time. (Loss amounts should be indicated with a mini Print Revenue Gro Profit Loss) References 2021 2022 Required 3 > HelpSave Required 1 Required 2 Required 3 Check my work Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assung Nortel recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) At December 31, 2021 Current assets Current abilities echtml.con contestal browser Chapter 6 Homework VO D 0 6 Required 1 Required 2 Required Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2001 assuming this project does not qualify for revenue recognition over time oint Balance Sheet (Partia At December 11, 2001 Current as ok P Current abilities Telerance