Please with answering the required questions 1,2,3, and 4. Thanks! Assume Nortel Networks contracted to provide a customer with Internet Infrastructure for $2,000,000. The project began in 2021 andwas completed in 2022. Data relating to the contract are summarized below:Costs incurred during the yearEstimated costs to complete as of 12/31Billings during the yearCash collections during the yearComplete this question by entering your answers in the tabs below.Required:1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenueover time according to percentage of completion.2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualifyfor revenue recognition over time.3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021assuming Nortel recognizes revenue over time according to percentage of completion.4. Prepare a partial balance sheet to show how the Information related to this contract would be presented at the end of 2021assuming this project does not qualify for revenue recognition over time.Required 220212022Required 1Required 3Required 4Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over timeaccording to percentage of completion. (Use percentages as calculated and rounded in the table below to arrive at your final answer. Loss amountsshould be indicated with a minus sign.)Construction revenueConstruction expenseGross profit (loss)Construction revenueConstruction expenseGross profit (loss)Choose numeratorTo date2021$ 300,0001,200,000380,000250,000To date+÷2822$1,575,0001,620,0001,750,000< Required 1Percentages of completionChoose denominator2021Recognized in prior years2022Recognized in prior yearsRequired 2 >===$$S$$S% complete to dateRecognized in 2021Recognized in 202200000000

Construction Contract - Construction contracts are enforceable agreements that specify the tasks…

ear as of 12/31 year 2021 $ 300,000 1,200,000 2822 $1,575,000 380,000 1,620,000 250,000 1,750,000 enue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue tage of completion. enue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualit Ime.

ear as of 12/31 year 2021 $ 300,000 1,200,000 2822 $1,575,000 380,000 1,620,000 250,000 1,750,000 enue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue tage of completion. enue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualit Ime.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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