(due 11/13) Help Save&Exit Su Check my wo 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 Costs incurred daring the year Estinated costs to complete as of 12/31 Bi1lings duzing the year Cash collections during the year 340,000 $1,940,000 1,360,000 51,0001720,000 270,000 1,800,000 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming Nortel recognizes revenue over time according to percentage of completion. 2. comou the venue and gross profit or loss to bt recognized in 2018 and 2019 assuming this project does not qualify for revenue recogrition 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 nssuming 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. Requred1 Requred Resuired the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming Nortel re C Prev 30 of 32 Next > Bop 9 WE R Ul