Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. 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. Situation 2024 2 3 5 Costs Incurred during Year 2026 $1,020 2,560 1,920 1,080 1,580 2,200 Situation 1 2 3 4 5 6 $ 1,540 1,540 1,540 540 540 540 2025 $2,250 1,020 2,250 3,040 3,040 3,040 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 1,020 2,560 1,820 $ 3,270 3,270 3,270 3,780 3,780 5,000 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e.. $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. 895 1,820 2,060 Gross Profit (Loss) Recognized Revenue Recognized Over Time 2024 2025 2436 1111 Revenue Recognized Upon Completion 2025 2024 2026
Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. 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. Situation 2024 2 3 5 Costs Incurred during Year 2026 $1,020 2,560 1,920 1,080 1,580 2,200 Situation 1 2 3 4 5 6 $ 1,540 1,540 1,540 540 540 540 2025 $2,250 1,020 2,250 3,040 3,040 3,040 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 1,020 2,560 1,820 $ 3,270 3,270 3,270 3,780 3,780 5,000 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e.. $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. 895 1,820 2,060 Gross Profit (Loss) Recognized Revenue Recognized Over Time 2024 2025 2436 1111 Revenue Recognized Upon Completion 2025 2024 2026
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please show work and no plagiarism please i give up vote
Transcribed Image Text:Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. 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.
Situation
1
2
3
Costs Incurred during Year
2024
2026
$ 1,540
Situation
1
2
3
4
5
6
1,540
1,540
540
540
540
2025
$2,250 $ 1,020
2,560
1,920
1,080
1,580
2,200
1,020
2,250
3,040
3,040
3,040
Estimated Costs to Complete
(As of the End of the Year)
2024
2025
$1,020
2026
$ 3,270
3,270
2,560
1,820
3,270
3,780
3,780
5,000
895
1,820
2,060
Required:
Complete the following table.
Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $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
2025
2436
2024
111111
Revenue Recognized Upon Completion
2024
2026
2025
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