The Ugenti Construction Company contracted to construct a warehouse building for $2,600,000. Construction began in 2016 and was completed in 2017. Data relating to the contract are summarized below: Compute the amount of gross profit or loss to be recognized in 2016 and 2017 assuming Ugenti recognizes revenue over time according to percentage of completion. Compute the amount of gross profit or loss to be recognized in 2016 and 2017 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 2016 assuming Ugenti 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 2016 assuming this project does not qualify for revenue recognition over time