Exercise 6-19 (Algo) Long-term contract; revenue recognition over time and at a point in time [LO6-9] Assume Avaya contracted to provide a customer with Internet infrastructure for $2,100,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025 , assuming Avaya recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025 , 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 2024 , assuming Avaya 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 2024 , assuming this project does not qualify for revenue recognition over time