Please share calculations and how you got your numbers. I was looking at other problems similar to this and numbers are being brought into the problem that I don't see where or how they are getting them.

Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 $1,575,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year $ 300,000 1,200,000 380,000 250,000 1,620,000 1,750,000 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. 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. (Use percentages as calculated and rounded in the table below to arrive at your final answer. Loss amounts should be indicated with minus sign.) Choose numerator - % complete to date Percentages of completion Choose denominator Estimated total costs $ 1,500,000 $ 1,875,000 Actual costs to date 300,000 1,875,000 2021 20.00% 100.00% 2022 $ + 2021 To date Recognized in prior years Recognized in 2021 $ 0 Construction revenue Construction expense Gross profit (loss) 0 $ $ 0 2022 Recognized in prior years To date Recognized in 2022 0 Construction revenue Construction expense Gross profit (loss) $ $ $ 0 0 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.) Revenue Gross Profit (Loss) 2021 2022 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. Balance Sheet (Partial) At December 31, 2021 Current assets: Current liabilities: 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. Balance Sheet (Partial) At December 31, 2021 Current assets: Current liabilities