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Brady Construction Company contracted to build an apartment complex for a price of $6,500,000. Construction began in 2024 and was completed in 2026. The
Brady Construction Company contracted to build an apartment complex for a price of $6,500,000. 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 1 $ 1,650 2025 $ 2,580 2026 $ 1,350 Costs Incurred during Year 2024 2026 (As of the End of the Year) 2024 $ 3,930 2025 $ 1,350 2 1,650 1,350 3,000 3,930 3,000 3 1,650 2,580 2,800 3,930 2,700 4 650 3,150 1,300 4,550 950 5 650 3,150 2,350 4,550 2,700 6 650 3,150 3,300 6,055 3,050 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 2024 Revenue Recognized Over Time 2025 2026 2024 Revenue Recognized Upon Completion 2026 2025 1 2 3 4 5 6
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