Please help me answer question #3, which has 4 parts to it.

3 Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,750,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below. 9 2021 2022 points Costs incurred during the year 360,000 $2, 155,000 Estimated costs to complete as of 12/31 1,440,090 Billings during the year 500,000 1,770,000 02:46:46 Cash collections during the year 445,000 1, 825, 000 Required: 1. 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. 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 balance 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.x Answer is not complete. 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 2021 and 2022 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 2021 360,000 1,800,000 = 20.00% 2022 2,515,000 + IS 2,515,000 = 100.00% 2021 To date Recognized in prior years Recognized in 2021 Construction revenue S 550,000 S Ous 550,000 Construction expense ous 0 Gross profit (loss) S 190,000 S OUS 190,000 2022 To date Recognized in prior years Recognized in 2022 Construction revenue S 2,200,000 x 2,200,000 Construction expense 0 Gross profit (loss) 0 3 Assume Nortel Networks contracted to provide a customer with Internet Infrastructure for $2,750,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 9 2021 2022 points Costs incurred during the year $ 360, 090 $2,155, 000 Estimated costs to complete as of 12/31 Billings during the year 1, 440, 000 500, 000 1,770,090 02:45:17 Cash collections during the year 445, 090 1, 825, 090 Required: 1. 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. 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 balance 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. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,750,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 9 2021 2022 points Costs incurred during the year $ 360,000 $2,155,000 Estimated costs to complete as of 12/31 Billings during the year 1, 440, 000 500, 006 1, 770, 000 02:44:34 Cash collections during the year 445, 000 1, 825, 000 Required: 1. 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. 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 balance 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. Assume Nortel Networks contracted to provide a customer with Internet Infrastructure for $2750,000. The project began In 2021 and was completed In 2022. Data relatlng to the contract are summarized below: 2821 2022 Costs incurred during the year 5 360,000 52,155,000 Estimated cost; to complete as of 12:31 1,440,000 0 Billings during the year 500,000 1,770,000 Cash collections during the year 445,000 1,325,000 Required: 1, Compute the amount of revenue and gross profit or loss to be recognized In 2021 and 2022 assuming Nortel recognizes revenue overtime 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 overtime 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 2021 assuming this project does not qualify for revenue recognition over time. l 6 Answer is not complete. Complete unis question In enteling you answers in the talus below. Required 2 Required 3 Required 4 ' Required 1 Prepare a parlial balance sheet to show how the information related to this oontmct would be praented at lite end of 2021 assuming this project does not qualify for revenue recognition overtime. Current assets: Current liabill'ltesi ( Required 3