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Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2021 and was completed in 2023. The following

Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. 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 1,500 2,100 900 3,000 900
2 1,500 900 2,400 3,000 2,400
3 1,500 2,100 1,600 3,000 1,500
4 500 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. (Enter answers in dollars. Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.) image text in transcribed

Gross Profit (Loss) Recognized Revenue Recognized Revenue Recognized Over Time Upon Completion 2022 2023 2021 2022 2023 0 0 Situation 2021

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