Exercise $6-19($Algo$)$ Long$-$term contract; revenue recognition over time and at a point in time $[$L$06-9]$

Assume Avaya contracted to provide a customer with Internet infrastructure for $$2,650,000.$ The project began in $2024$ and was completed in $2025.$ Data relating to the contract are summarized below:

Costs incurred during the year

Estimated costs to complete as of $\frac{12}{31}$

Billings during the year

Cash collections during the year

$\backslash$table$[[2024,2025],[$$$352,000,$$$2,025,000$