Assume Nortel Netaorks contracted to provide a customer with Intemet infrastructure for $2,000,000. The project began in 2018 and was completed in 2017. Data relating o the contract are summarzed Balow 2016 2017 Costs incured during the year $300,000 $1,576,000 Estimated casts to complete 2s of 12/31 1,200,000 0 Billings during the year ‘300,000 4,620,000 ‘Cash collections during the year 250,000 1.760.000 Required: 11. Compute the amount of ravenue and gross profit or lacs to be recognized in 2916 and 2017 assuming Nariel wecognizes revenue over time ‘acearding to percentage of completion (Use percentages as ‘calculated and rounded in the table below to arrive at your final answer. Losses and expenses ‘should be indicated with a minus sign.) Estimated total gross profit (oss) (6 5.600.000) 4,100.00)% complete to dato 20.00% 10.00%2. Compute tha amount of reverua and gross profit or loss to be recognized in 2018 and 2017 assuming this project dows not qualify For revenue recognition overtime. 2016 2017 43, Prepare a patial balance sheet to show how the information related to this contrast would be presented atthe end of 2016 assuming Nortalrecosnizes revenue over timo azcording to percontage of completion Current assets: ‘Accounts receivable 150000 Curent attics: Bilings in excess of costs 20000