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Brady Construction Company contracted to build an apartment complex for a price of $6,500,000. Construction...

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Accounting

Brady Construction Company contracted to build an apartment complex for a price of $6,500,000. Construction began in 2016 and was completed in 2018. 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

2016

2017

2018

2016

2017

2018

1 1,650 2,580 1,350 3,930 1,350
2 1,650 1,350 3,000 3,930 3,000
3 1,650 2,580 2,800 3,930 2,700
4 650 3,150 1,300 4,550 950
5 650 3,150 2,350 4,550 2,700
6 650 3,150 3,300 6,055 3,050

Complete the following table. (Do not round intermediate calculations. 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
Situation 2016 2017 2018 2016 2017 2018
1
2
3
4
5
6

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