Problem $15$ Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$

assuming this project does not qualify for revenue recognition over time. Prepare a partial balance sheet to show how the information related to this contract would

be presented at the end of $2024,$ assuming Avaya recognizes revenue over time according to

percentage of completion.

Prepare a partial balance sheet to show how the information related to this contract would

be presented at the end of $2024,$ assuming this project does not qualify for revenue recognition

over time.

BrightTech contracted to provide a customer with network infrastructure for $$3,000,000.$ The

project began in $2025$ and was completed in $2026.$ Data relating to the contract are summarized

below:

Compute the amount of revenue and gross profit or loss to be recognized in $2025$ and $2026,$

assuming BrightTech recognizes revenue over time according to percentage of completion

$($POC$).$

I completed question$1$ correctly, I am stuck on questions$2$and$3.$Question number$2$says no revnue recognition over time, but costs were incurred and billing$/$cash collections occured. Would it be a loss for$2025$and a profit in$2026,$or is$2025$ just$0.$Also the questions have a typo stating$2024$and$2025,$it should be$2025$and$2026$

$$accordingly$.$ Thank you$$