Question
Brady Construction Company contracted to build an apartment complex for a price of $5,700,000. Construction began in 2018 and was completed in 2020. The following
Brady Construction Company contracted to build an apartment complex for a price of $5,700,000. 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 | 1,570 | 2,340 | 1,110 | 3,450 | 1,110 | |||||||
2 | 1,570 | 1,110 | 2,680 | 3,450 | 2,680 | |||||||
3 | 1,570 | 2,340 | 2,160 | 3,450 | 2,060 | |||||||
4 | 570 | 3,070 | 1,140 | 3,990 | 910 | |||||||
5 | 570 | 3,070 | 1,790 | 3,990 | 2,060 | |||||||
6 | 570 | 3,070 | 2,500 | 5,300 | 2,330 | |||||||
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.)
Revenue Recognized Over Time | Revenue Recognized over time | Revenue recognized over time | Revenue recognized upon completion | Upon Completion | Upon Completion | |
---|---|---|---|---|---|---|
Situation | 2018 | 2019 | 2020 | 2018 | 2019 | 2020 |
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 |
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