Nortel Networks contracted to provide a customer with Internet infrastructure for $2,100,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: CAN SOMEONE PLEASE TELL ME HOW THEY GOT 1919000 I AM HAVING A BRAIN FART :)

Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes re 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 no 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 202 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 202 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 o according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and r table below to arrive at your final answer.)