5-HW O Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) Brady Construction Company contracted to build an apartment complex for a price of $6,300,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Year Estimated costs to Complete Costs incurred During (As of the End of the Year) Situation 2018 2019 2020 2018 2019 2020 1 153021520 1290 1810190 2 1630 1290 2.9203810 2.920 3 1630 2,520 2640 3,810 2,540 4 630 3.130 1.260 4.410 940 5 630 3,130 2.210 4.410 2.540 6 630 3,130 3,100 5,855 2,870 Required: Complete the following table (Do not round Intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.) Situation 1 Gross Profit (Los) Recognired Revenue Recognized Over Time Revenue Recognized Upon Completion 2018 2019 2020 2018 2019 2020 5 257,6845 653, 480 0 0 257 6221030 0 257 680240505 0 157 500 127 843 157 500P (157 500 (179.725 (185.35211 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It doe Brady Construction Company contracted to build an apartment complex for a price of $6,300,000 Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars Estimated Costs to Complete (As of the End of the Year) 2020 Costs incurred During Year Situation 2018 2019 2020 1 1.630 2.520 1290 2 1630 1290 2920 3 1630 2,520 2.640 4 630 3.130 1.260 630 3130 2.210 6 630 3,130 3,100 2018 2019 3,810 1290 3,810 2.920 3,810 2.540 4,410 940 4,410 2,540 5,855 2,870 Required: Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.) Answer is not complete. Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2018 2019 2020 2018 2019 2020 $ 257,684 $ 653,4893 257,684 227 423 257,684 (244,505) 157.500 127 843 X 157,500 (157,500) (179,725) 3 (185,352)