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Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction...

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Accounting

Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. 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.

Estimated Costs to Complete

Costs Incurred During Year

(As of the End of the Year)

Situation

2018

2019

2020

2018

2019

2020
1 1,600 2,430 1,200 3,630 1,200
2 1,600 1,200 2,800 3,630 2,800
3 1,600 2,430 2,400 3,630 2,300
4 600 3,100 1,200 4,200 925
5 600 3,100 2,000 4,200 2,300
6 600 3,100 2,800 5,600 2,600

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.)

Complete the following table.

Gross Profit (Loss) Recognized

Revenue Recognized Over Time Revenue Recognized Upon Completion

Situation 2016 2017 2018 2016 2017 2018

1.

2.

3.

4.

5.

6.

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