newconnect.mheducation.com%252F#/activit Assignments 6 and 7 Saved Help SA Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,910,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2018 2019 $ 376,000 $2,265,000 1,504,000 0 535,000 1,810,000 288,000 1,845,000 Required: 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. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 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 2018 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 2018 assuming this project does not qualify for revenue recognition over time. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 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. Balance Sheet (Partial) At December 31, 2018 Current assets 17 of 30 Required 1 Required 2 Required 3 Required 4 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. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.) Percentages of completion Choose numerator Choose denominator % complete to date Actual costs to date Estimated total costs 2018 376,000 + es $ + 2019 0 0 2018 To date Recognized in prior years Construction revenue Construction expense Gross profit (loss) Recognized in 2018 $ 0 $ 0 $ 0 2019 To date Recognized in prior years Construction revenue Construction expense Gross profit (loss) Recognized in 2019 $ 0 $ 0 $ 0 Required 2 > Prev 17 of 30 # Next > pute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming Nortel recognizes reve over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming this project does not a 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 2018 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 2018 assuming this project does not qualify for revenue recognition over time. Ask Print erences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming this project does not qualify for revenue recognition over time. (Loss amounts should be indicated with a minus sign.) Revenue Gross Profit (Loss) 2018 2019 MacBook Air Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Requited 4 Prepare a partial balance sheet to show how the information related to this contract would be prese assuming this project does not qualify for revenue recognition over time. Balance Sheet (Partial) At December 31, 2018 Current assets: es Current liabilities: