Please complete all the requirements for the next Exercise: $6-19($Static$)$ Long$-$term contract; revenue recognition over time and at a point in time $[$LO$6-9]$ Assume Avaya contracted to provide a customer with Internet infrastructure for $$2,000,000.$ The project began in $2024$ and was completed in $2025.$ Data relating to the contract are summarized below: Required: $1.$ Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming Avaya recognizes revenue over time according to percentage of completion. $2.$ Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ 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 $2024,$ assuming Avaya recognizes revenue over time according to percentage of completion. $4.$ Prepare a partial balance sheet to show how the information related to this cont Note: Use percentages as calculated and rounded in the table below to arrive at your final answer. Loss amounts should be indicated with a minus sign. Complete this question by entering your answers in the tabs below.

Required $3$

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

Note: Loss amounts should be indicated with a minus sign. Leave no cells blank. Complete this question by entering your answers in the tabs below.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$ assuming Avaya recognizes revenue over time according to percentage of completion.

Balance Sheet $($Partial$)$

At December $31,2024$

Current assets:

Current liabilities: Complete this question by entering your answers in the tabs below.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$ assuming this project does not qualify for revenue recognition over time.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|\}$

$\backslash$hline $\backslash$multicolumn$\{1\}\{|$c$|\}\{$ Balance Sheet $($Partial$)\}\backslash \backslash$

$\backslash$hline At December $31,2024\backslash \backslash$

$\backslash$hline Current assets: & $\backslash \backslash$

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$\backslash$hline Current liabilities: & $\backslash \backslash$

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$\backslash$end$\{$tabular$\}$