This 4 has four parts and I would prefer step by step illustration
2021 2022 Costs incurred during the year $ 376,000 $2,265,000 Estimated costs to complete as of 12/31 1,504,000 0 Billings during the year 535,000 1,810,000 Cash collections during the year 500,000 1,845,000 Required: l. Compute the amount of revenue and gross prot 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 prot 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. 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 revenu according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages as calculated an table below to arrive at your final answer.) Percentages of completion Choose numerator Choose denominator % complete to date 2021 0 2022 0 2021 To date Recognized in prior years Recognized in 2021 Construction revenue EA 0 Construction expense 0 Gross profit (loss) EA 0 2022 To date Recognized in prior years Recognized in 2022 Construction revenue 0 Construction expense 0 Gross profit (loss) $ 0Required: 1. Compute the amount of revenue and gross prot 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 prot 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. 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 prot 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.) ( Required1 Required3 > Complete this question by entering your answers in the tabs below. Requiredl RequiredZ Required3 Required4 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. Current assets: Current liabilities: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 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. ourssnssssssi _ Current liabilities: _ ( Required 3
