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Brady Construction Company contracted to build an apartment complex for a price of $6,800,000. Construction began in 2021 and was completed in 2023. The following
Brady Construction Company contracted to build an apartment complex for a price of $6,800,000. 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 | 1,680 | 2,670 | 1,440 | 4,110 | 1,440 | |||||||
2 | 1,680 | 1,440 | 3,120 | 4,110 | 3,120 | |||||||
3 | 1,680 | 2,670 | 3,040 | 4,110 | 2,940 | |||||||
4 | 680 | 3,180 | 1,360 | 4,760 | 965 | |||||||
5 | 680 | 3,180 | 2,560 | 4,760 | 2,940 | |||||||
6 | 680 | 3,180 | 3,600 | 6,355 | 3,320 | |||||||
Required: Complete the following table
situation | revenue recognized over time | revenue recognized upon completion | ||||
2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 |
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