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Brady Construction Company contracted to build an apartment complex for a price of $6,700,000. Construction began in 2021 and was completed in 2023. The
Brady Construction Company contracted to build an apartment complex for a price of $6,700,000. 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 Situation 2021 Costs Incurred During Year 2022 1 2 3 1,670 1,670 4 5 670 670 6 (As of the End of the Year) 2023 2021 2022 1,670 2,640 1,410 4,050 1,410 1,410 3,080 4,050 3,080 2,640 2,960 4,050 2,860 3,170 1,340 4,690 960 3,170 2,490 4,690 2,860 670 3,170 3,500 6,255 3,230 2023 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.) Revenue Recognized Upon Completion Situation 1 2021 Gross Profit (Loss) Recognized Revenue Recognized Over Time 2022 2023 2021 2022 2023 2 3 4 5 6
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