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10. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,810,000, The...

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10. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,810,000, The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below 2019 2018 368 Costs incurred during the year Estimated costs to complete as of 12/31 1,472,000 Billings during the year Cash collections during the year 365,00 2205,0009 525,000 1,790,000 284,000 1,835,000 Compute the amount of gross profit or loss to be recognized in 2019 assuming Nortel recognizes revenue over time according to percentage of completion

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