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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
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. Costs Incurred during Year 2026 Estimated Costs to Complete (As of the End of the Year) 2026 Situation 2024 1 $ 1,600 2025 $ 2,430 2024 $ 1,200 $ 3,630 2025 $ 1,200 2 1,600 1,200 2,800 3,630 2,800 3 1,600 2,430 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 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. Required: Gross Profit (Loss) Recognized Situation 2024 Revenue Recognized Over Time 2025 2026 2024 Revenue Recognized Upon Completion 2026 2025 1 2 N 3456
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