solve and explain

Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,960,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below 2022 $2,300,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 380,000 1,520,000 540,000 510,000 1,820,000 1,850,000 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 Tor 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 quality for revenue recognition over time 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. (ons amounts should be indicated with a minusion. Use percentages as calculated and rounded in the table below to arrive at your final answer Choose rumenter complete to date Choose denominator Estimated total costs Actual costs to date 100005 2680 000 TS 1.900.000 2530 000 20.00% 10000% 2021 date Recognized prior years Recognized in 2021 s 59200015 Construction Construction Go pro venue pense 5)