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Brady Construction Company contracted to build an apartment complex for a price of $6,800,000. Construction began in 2018 and was completed in 2020. The following

Brady Construction Company contracted to build an apartment complex for a price of $6,800,000. 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

Costs Incurred During Year

(As of the End of the Year)

Situation

2018

2019

2020

2018

2019

2020

1 1,680 2,670 1,440 4,110 1,440
2 1,680 1,440 3,120 4,110 3,120
3 1,680 2,670 3,040 4,110 2,940
4 680 3,180 1,360 4,760 965
5 680 3,180 2,560 4,760 2,940
6 680 3,180 3,600 6,355 3,320

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
Situation 2018 2019 2020 2018 2019 2020
1 $293,057selected answer correct $757,500selected answer incorrect $251,000selected answer incorrect 0selected answer correct 0selected answer correct not attempted
2 293,057selected answer correct (13)selected answer incorrect 280,000selected answer correct 0selected answer correct 0selected answer correct not attempted
3 293,057selected answer correct (783,000)selected answer incorrect (100,000)selected answer correct 0selected answer correct 0selected answer incorrect not attempted
4 170,000selected answer correct 1,410,000selected answer correct 0selected answer correct 0selected answer correct 0selected answer correct not attempted
5 170,000selected answer correct (170,000)selected answer correct (380,000)selected answer incorrect 0selected answer correct 0selected answer correct not attempted
6 (235,000)selected answer correct (145,000)selected answer correct (280,000)selected answer correct not attempted not attempted

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