Exercise 6-19 (Algo) Long-term contract; revenue recognition over time and at a point in time [LO6-9] Assume Nortei Networks contracted to provide a customer with Internet infrastructure for $2,760,000. The project began in 2021 and was completed in 2022 . Data relating to the contract are summarized below: Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortei 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 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 2021 assuming Nortel recognizes revenue over time according to percentage of completion. 4. Prepare a partial bajance 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. 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 complebion. (Loss amaunts should be indicated with a minus sign. use percentages as calculated and rounded in the table below to arrive at your inal anowen) Complete this question by entering your answers in the tabs below. 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. (Loss amounts should be indicated with a minus aign. Use parcantages as calculated and rounded in the cable below to arriva at your final answer.) Complete this question by entering your answers in the tabs below. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. (Loss amounts should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Prepare a partal 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 campletion. Complete this question by entering your answers in the tabs below. Prepare a partial balance sheet to show how the information reiated to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time
