Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion [LO6-9] Brady Construction Company contracted to build an apartment complex for a price of $6,400,000. 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. Estimated Costs to Complete (As of Costs Incurred during the End of the Year Year) Situation 2024 2025 2026 2024 2025 2026 $ 123456 1,640 1,640 1,640 $ $ $ 2,550 1,320 3,870 1,320 1,320 2,960 3,870 2,960 2,550 2,720 3,870 2,620 640 3,140 1,280 4,480 945 III Required: 640 3,140 2,280 4,480 2,620 640 3,140 3,200 5,955 2,960 Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (ie., $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. Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2024 2025 2026 2024 2025 2026 Situation 1 2 3 4 5 6