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Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2024 and was completed in 2026. The
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. 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 2025 $ 2,100 Estimated Costs to Complete (As of the End of the Year) 2024 $ 3,000 2026 Situation 2024 $ 1,500 2026 $ 900 2025 $ 900 2 1,500 900 2,400 3,000 2,400 1,500 2,100 1,600 3,000 1,500 500 3,000 1,000 3,500 875 5 500 3,000 1,300 3,500 1,500 6 500 3,000 1,800 4,600 1,700 Required: Complete the following table. Note: Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. Situation 1 2024 2 3 4 5 6 Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2025 2026 2024 2025 2026
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