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Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began in 2024 and was completed in 2026. The following
Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began in 2024 and was completed in 2026. 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 Situation 2024 1 2 $ 1,600 1,600 $ 2,430 2026 $ 1,200 Costs Incurred during Year 2025 (As of the End of the Year) 2026 2024 $ 3,630 2025 $ 1,200 1,200 2,800 3,630 2,800 3 1,600 2,430 145 2,400 3,630 2,300 4 600 3,100 1,200 4,200 925 5 600 3,100 2,000 4,200 2,300 6 600 3,100 2,800 5,600 2,600 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. Gross Profit (Loss) Recognized Situation 1 2024 Revenue Recognized Over Time 2025 2026 2025 Revenue Recognized Upon Completion 2024 2026 2 34 5 6
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