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Help Save & Est 6 Chede 5 pot Exercise 6-19 (Algo) Long-term contract; revenue recognition over time and at a point in time [LO6-9) 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. 2021 2022 Conte incurred during the year $360,000 $1,845,000 inted Co to complete as of 12/31 1.440,000 Dillings during the year 500.000 2.250,000 Cash Collections during the year 340.000 2,410,000 HH Print 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 quality 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. Propare 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 quality for revenue recognition over time. References 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) Check my 6 Complete this question by entering your answers in the tabs below. oints Required 1 Required 2 Required a 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) Book Percentages of completion Choose denominator Choose numerator + % complete to dal Hint 0 + 2021 2022 Print 2028 Recognized in prior years References To date Recognized in 2021 O Construction revenue $ $ $ 0 Construction expenso Gross profit (los) 2022 Recognized in prior years Recognized in 2022 To date 0 0 Construction revenue Construction expense Gross profit oso) $ $ Red Required 2 >
