Exercise $6-19($Static$)$ Long$-$term contract; revenue recognition over time and at a point in time $[$LO$6-9]$

Assume Avaya contracted to provide a customer with Internet infrastructure for $$2,000,000.$ The project began in $2024$ and was completed in $2025.$ Data relating to the contract are summarized below:

$\backslash$table$[[,2024,2025],[$Costs incurred during the year,$$300,000,$$$1,575,000$