Exerclse $6-19($Algo$)$ Long$-$term contract; revenue recognition over time and at a point In time $[$LO$6-9]$

Assume Avoya contracted to provide customer with Internet infrostructure for $$2,400,000.$ The project began in $2024$ and was completed in $2025.$ Doto relating to the controct are summarized below:

Required:

Compute the omount of revenue snd gross profit or loss to be recognized in $2024$ and $2025,$ sssuming Avoys recognizes revenue over time sccording to percentage of completion.

Compute the amount of revenue sind gross profit or loss to be recognized in $2024$ and $2025,$ sssuming this project does not quslify for revenue recognition over time.

Prepore a pertisl bslance sheet to show how the information releted to this contract would be presented ot the end of $2024,$ sesuming Aveys recognizes revenue over time sccording to percentoge of completion.

Prepore o pertiol belsice sheet to show how the information related to this controct would be presented st the end of $2024,$ sssuming this project does not quslify for revenue recognition over time.

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