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Brady Construction Company contracted to build an apartment complex for a price of $5,300,000. Construction began in 2018 and was completed in 2020. The following
Brady Construction Company contracted to build an apartment complex for a price of $5,300,000. Construction began in 2018 and was completed in 2020. 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. Costs Incurred During Year Situation 2018 2019 2020 1,530 2,220 990 2 1,530 990 2,520 3 1,530 2,220 1,840 530 3,030 1,060 530 3.030 1.510 6 530 3,030 2,100 Estimated Costs to Complete (As of the End of the Year) 2018 2019 2020 3,210 990 3,210 2,520 3,210 1,740 3,710890 3.710 1,740 4,900 1,970 IIIIII 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.) Situation 2 3 Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2018 2019 2020 2018 2019 2020 $ 180,759 $ 262,278 $ 116,962 180,759 (50,759) 130,000 180,759 (310,541) 132,500 547,500 132,500 (132,500) 230,000 (130,000) (130,000) 6
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