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Brady Construction Company contracted to build an apartment complex for a price of $5,100,000. Construction began in 2021 and was completed in 2023. The following
Brady Construction Company contracted to build an apartment complex for a price of $5,100,000. 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 (As of the End of the Costs Incurred During Year Year) 2023 Situation 1 2021 3,090 3 4 5 6 2021 1,510 1,510 1,510 510 510 510 2022 2,160 930 2,160 3,010 3,010 3,010 2023 930 2,440 1,680 1,020 1,370 1,900 3,090 3,090 3,570 3,570 4,700 2022 930 2,440 1,580 880 1,580 1,790 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.) Answer is complete but not entirely correct. Situation 1 2 Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2021 2022 2023 2021 2022 2023 $ 164,130 $ 234,783 $ 101,087 $ 500,000 164,130 (54,130) 110,000 220.000 164,130 (314,130) (100,000) (150,000) (100,000) 127,500 432,500 560,000 127,500 (127,500) 210,000 210.000 (110,000) (100,000) (110,000) (110,000) (100,000) (320,000) 3 4 5 6
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