Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construc- tion 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 E 5-21 Income (loss) recognition; Long-term Estimated Costs to Complete (As of the End of the Year) contract; revenue Costs Incurred During Year recognition over time vs. Situation 2018 2019 2020 2018 2019 2020 upon project completion 1,500 2,100 900 3,000 900 1 900 2 1,500 2,400 3,000 2,400 LO5-9 1,600 3 1,500 2,100 3,000 1,500 4 500 3,000 1,000 3,500 875 1,300 3,500 500 3,000 1,500 6 500 3,000 1,800 4,600 1,700 Required: Copy and complete the following table: Gross Profit (Loss) Recognized Over Time Upon Completion Situation 2018 2019 2020 2018 2019 2020 1 2 3 4 5 6 |