Question
Brady Construction Company contracted to build an apartment complex for a price of $6,300,000. Construction began in 2024 and was completed in 2026. The following
Brady Construction Company contracted to build an apartment complex for a price of $6,300,000. 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.
Situation | Costs Incurred during Year | Estimated Costs to Complete (As of the End of the Year) | ||||
---|---|---|---|---|---|---|
2024 | 2025 | 2026 | 2024 | 2025 | 2026 | |
1 | $ 1,630 | $ 2,520 | $ 1,290 | $ 3,810 | $ 1,290 | |
2 | 1,630 | 1,290 | 2,920 | 3,810 | 2,920 | |
3 | 1,630 | 2,520 | 2,640 | 3,810 | 2,540 | |
4 | 630 | 3,130 | 1,260 | 4,410 | 940 | |
5 | 630 | 3,130 | 2,210 | 4,410 | 2,540 | |
6 | 630 | 3,130 | 3,100 | 5,855 | 2,870 |
Required:
Complete the following table.
Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.
\begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Gross Profit (Loss) Recognized } \\ \cline { 2 - 7 } & \multicolumn{2}{|c|}{ Revenue Recognized Over Time } & \multicolumn{2}{c|}{ Revenue Recognized Upon Completion } \\ \hline Situation & 2024 & 2025 & 2026 & 2024 & 2025 & 2026 \\ \hline 1 & & & & & & \\ \hline 2 & & & & & & \\ \hline 3 & & & & & & \\ \hline 4 & & & & & & \\ \hline 5 & & & & & & \\ \hline 6 & & & & & & \\ \hline \end{tabular}
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