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Brady Construction Company contracted to build an apartment complex for a price of $5,600,000. Construction began in 2021 and was completed in 2023. The following

Brady Construction Company contracted to build an apartment complex for a price of $5,600,000. Construction began in 2021 and was completed in 2023. 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 2021 2022 2023 2021 2022 2023
1 1,560 2,310 1,080 3,390 1,080
2 1,560 1,080 2,640 3,390 2,640
3 1,560 2,310 2,080 3,390 1,980
4 560 3,060 1,120 3,920 905
5 560 3,060 1,720 3,920 1,980
6 560 3,060 2,400 5,200 2,240

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.)image text in transcribed

Brady Construction Company contracted to build an apartment complex for a price of $5,600,000. Construction began in 2021 and was completed in 2023. 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. Situation Costs Incurred During Year 2021 2022 2023 1,560 2,310 1,080 1,560 1,080 2,640 1.560 2.310 2,080 560 3,060 1,120 560 3,060 1,720 560 3,060 2,400 Estimated Costs to Complete (As of the End of the Year) 2021 2022 2023 3,390 1,080 3,390 2,640 3,390 1,980 3,920 905 3,920 1,980 5,200 2,240 IIIII 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.) Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2021 2022 2023 2021 2022 2023 Situation 6

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