Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1through 6, involving differing costs for the project. All costs are stated in thousands of dollars.Costs Incurred During YearEstimated Costs to Complete(As of the End of the Year)Situation 2018 2019 2020 2018 2019 20201 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 1,700 —Required:Copy and complete the following table:Gross Profit (Loss) RecognizedOver Time Upon CompletionSituation 2018 2019 2020 2018 2019 2020123456
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. 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.
Costs Incurred During Year
Estimated Costs to Complete
(As of the End of the Year)
Situation 2018 2019 2020 2018 2019 2020
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 1,700 —
Required:
Copy and complete the following table:
Gross
Over Time Upon Completion
Situation 2018 2019 2020 2018 2019 2020
1
2
3
4
5
6
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