Exercise 6-23 (Static) 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 $5,000,000. 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 $ 1,500 $ 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 1,7